Hi all. Thanks for your posts. I do not have a page 2. Just a one pager loan offer letter. It only says loan type fixed until 2010 then monthly loan repayment x from 2007 and then y from 2010 with no mention of new rate.
The only mention of tracker is the paragraph I quoted above at the end prior to signature
Hi Paula, my wife has a very similar loan offer from December 2006. She took out a mortgage with an interest only payment for the first 2 years which was to revert to interest and capital after this period.
Similarly to your case the loan offer does not state what rate will be when the fixed period ends. There is no mention anywhere in the document of a standard variable rate or indeed any rate. The specific loan conditions only state that it will revert to interest and capital payments after 24 months.
However the same paragraph that you quote is there as part of the loan acceptance. '...On the property the subject of the tracker mortgage...'
It would suggest to me that as there is no mention whatsoever of going to a standard variable rate and one clear mention of a tracker that it is at least worth a vigorous investigation.
Still waiting to hear - I did get a letter on 2nd Feb to say my account will be reviewed within the next 4-6 weeks. We are in week 5 now so hoping I get something soon but not holding my breath.Hi all, just wondering if anyone has gotten any further in relation to their queries? I have the same wording on my mortgage documentation 'we understand that any outstanding debt owing to UB by us at any given time is secured on the property the subject of the tracker mortgage'. We had a previous mortgage with UB (which was on a tracker) and traded-up and went on 3 years fixed from 2007 to 2010 but always assumed we would default to the tracker. We wrote to UB in 2010 after they only offered us variable rates and they fobbed us off with a generic 'your mortgage defaults to the standard variable rate' letter. We are going to go to the FSO but just wondering how you guys got on ?
Have you contacted UB recently on this? If not you should do.Ok, thanks Editiono. Will post back here if we hear any news.
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