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TSB Mortgage

motherfunker · 2009-02-17 12:42:37

We have a mortgage with the TSB for the past 5 years, we also took out another smaller mortgage 2 years ago using equity release. We took this on a fixed rate and also fixed our main mortgage on a fixed rate of 5.1%. We recently rang to see if there was a penalty for changing to a variable rate and were told there was no…

17-02-2009 12:42pm

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motherfunker

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We have a mortgage with the TSB for the past 5 years, we also took out another smaller mortgage 2 years ago using equity release. We took this on a fixed rate and also fixed our main mortgage on a fixed rate of 5.1%. We recently rang to see if there was a penalty for changing to a variable rate and were told there was no penalty for this so we asked them to change it. We did this in writing as requested and recieved a letter a few days later telling us the new rate we were on and what our new monthly repayment was to be. For some reason the smaller mortgage was on a lower rate than the main mortgage, I think the figures are 4.15% and 4.45%. When we asked about this we were told they were different products and were subject to different rates.
Is this the case?
Today the small mortgage came out of our account at the supposed new rate, we were told our new payment was in the region of €80 pm less, this stated that this included insurance. However the amount taken out today was only €17 euros less, when my wife rang to see what the story was she was told somebody had made a mistake and the figure we recieved in the letter did not include insurance.
I am not sure about how mortgages are calculated but I cannot understand how a 1% reduced rate can only give us a €17 saving, this is on a €40,000 mortgage.
Can anybody advise me on this, any information would be greatly appreciated.
Thanks.

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#2 17-02-2009 1:20pm

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