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Fixed rate 5yrs mortgage alteSVR after


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Can the terms of a repayment mortgage contract that was a fixed rate for 5 yrs be altered during the 5 yr fixed term to a SVR?

 

Does a fixed rate mean the amount to pay each month would remain the same for the 5 year term and not go up or down?

 

Would that be a breach of contract if it's altered?

 

Is it lawful?

 

When mortgage interest is charged daily, how would that appear on a mortgage statement, each month or once a year?

 

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Hi Sixpence and Welcome to CAG

 

A fixed rate mortgage has an interest rate that stays the same for a set period in your case 5 years. Your repayments are the same every month and you don't need to fear fluctuations in interest rates. The rate will remain the same over the specified period, no matter what happens to the Bank of England's base rate or the lender's standard variable rate (SVR).

 

Regards

 

Andy

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Hi Andy

 

Thanks for your reply.

 

So am I correct in presuming if this was not the case and if my payments did increase it may be a breach of contract, even if the amount was a small amount it still should not have altered.

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How much of a fluctuation are we looking at and over how many payments ?

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