My fixed rate mortgage ends in Jan. In my contract it states that my new interest rate will be 2.09% above BBR?
Written By: admin on November 23, 2009
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My fixed rate mortgage ends in Jan. In my contract it states that my new interest rate will be 2.09% above BBR?
So will this give me an interest rate of 4.09% or will my lender Birmingham mid-shires place a collar on the interest rate, or could that be considered a breach of contract?
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Tags: bbr, breach of contract, fixed rate mortgage, fixed rates mortgage, interest rate, shiresTags: bbr, breach of contract, fixed rate mortgage, interest rate, shires
You need to carefully look at all the terms. If there is nothing in there to state that there is a low end restriction on the rate, then you should expect to pay as per contract. But it may be that the base rate they are talking about is their own bank base rate, rather than the Bank of England… you need to check that the base rate referred to is that of the Bank of England or the BM’s own.