Pilgrim Slight Return says:
May 19 2021 at 11:52 am
My mortgage lender – Nationwide – has just put me on a floating rate mortgage as we have just come out of a fixed rate which has ended after 15 years.
We have never missed a payment and they told us that there is no other option but a floating rate since the mortgage expires in December.
You’d think they’d not bother to end the fixed rate wouldn’t you? But no – they did that during Covid and now we are more anxious just in case because of the floating crap we’ve never believed in. We’ve been with them for 20 years.
A fixed rate mortgage set in 2006 would, presumably, be rather more expensive than a floating rate today. But note what the complaint actually is. He’s exposed to floating rates for 7 months on the last, well, 7 month’s worth, of his mortgage. It’s a pittance any way you look at it.
But this is the best bit:
Richard Murphy says:
May 19 2021 at 1:12 pm
That’s pretty crap
Refinance a 7 month mortgage?