Hi
I apologize in advance if this seems a little complicated or I do not explain myself very well. We are in the process of setting up a mortgage, we have changed from the previous entity to a new one due to the new one having better fixed rates. Now the new entity has proved to the moment EXTREMELY INEFFICIENT.
So this is my problem: initially they sent us a contract with the wrong amount and period: larger amount than needed (only by 1k) and longer period (25 years instead of 22.5 years). A month later the mistake has been corrected. The amount has gone down to, let's say 299k from 300k and the period is now right (the shorter period is the right one). The rate, since we had it "booked", hasn't changed (4.2 fixed for a period of 5 years). However and since there was a "final date" for this rate (June 2011) the amount of repayments on the fixed rate will be slightly less than five years, that is, 58 repayments instead of 60, provided everything is set up and ready to make the first reapyment in August this year. And here's the question: now the entity in question is telling us that the APR has changed from 4.16 to 4.31.
So basically:
300k at 4.2% fixed for 5 years, 60 repayments at fixed rate and 25 years total term of mortgage, 4.16% APR
299k at 4.2% fixed for 5 years, 58 repayments and total term of the mortgage 22.5 years, 4.31% APR
Is this possible? Are they trying to pull a fast one on us? They have since changed the rates -up- and we're thinking they're not too happy that we're taking the lower rate.
Also, anybody know a financial advisor or similar that, for a fee, can calculate this and see if it's all correct? The solicitor knows about the paperwork but can't advice if these rates are correct.
This is the upteenth mistake that the institution has made. I'm so sick of it, HELLLLPPP please!
I apologize in advance if this seems a little complicated or I do not explain myself very well. We are in the process of setting up a mortgage, we have changed from the previous entity to a new one due to the new one having better fixed rates. Now the new entity has proved to the moment EXTREMELY INEFFICIENT.
So this is my problem: initially they sent us a contract with the wrong amount and period: larger amount than needed (only by 1k) and longer period (25 years instead of 22.5 years). A month later the mistake has been corrected. The amount has gone down to, let's say 299k from 300k and the period is now right (the shorter period is the right one). The rate, since we had it "booked", hasn't changed (4.2 fixed for a period of 5 years). However and since there was a "final date" for this rate (June 2011) the amount of repayments on the fixed rate will be slightly less than five years, that is, 58 repayments instead of 60, provided everything is set up and ready to make the first reapyment in August this year. And here's the question: now the entity in question is telling us that the APR has changed from 4.16 to 4.31.
So basically:
300k at 4.2% fixed for 5 years, 60 repayments at fixed rate and 25 years total term of mortgage, 4.16% APR
299k at 4.2% fixed for 5 years, 58 repayments and total term of the mortgage 22.5 years, 4.31% APR
Is this possible? Are they trying to pull a fast one on us? They have since changed the rates -up- and we're thinking they're not too happy that we're taking the lower rate.
Also, anybody know a financial advisor or similar that, for a fee, can calculate this and see if it's all correct? The solicitor knows about the paperwork but can't advice if these rates are correct.
This is the upteenth mistake that the institution has made. I'm so sick of it, HELLLLPPP please!