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2 Year Fixed

  • 04-08-2009 1:55pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭


    My two year fixed mortgage I thought was due to expire this month two years after I signed it.

    Turns out it doesn’t expire till November. The bank tired to explain it to me as being the norm that a 2 year fixed doesn’t necessarily mean 2 calendar years.

    I won’t be home till the weekend and wont be able to check till then but would this be right?


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    kearnsr wrote: »
    My two year fixed mortgage I thought was due to expire this month two years after I signed it.

    Turns out it doesn’t expire till November. The bank tired to explain it to me as being the norm that a 2 year fixed doesn’t necessarily mean 2 calendar years.

    I won’t be home till the weekend and wont be able to check till then but would this be right?

    sounds very strange to me. 2 years is 2 years :confused:


  • #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    D3PO wrote: »
    sounds very strange to me. 2 years is 2 years :confused:

    Thats what I said but cant check until the weekend! I want to go on the the variable rate as soon as possible which I assume is what happens when the two year fixed runs out but my oprions cant be discussed till closer to the time


  • #4
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    I would have thought it was two years after drawdown, not necessarily from the agreement date. That said, I drew mine down at the end of Jan '08 but my account says that the fixed rates expires at the end of December.


  • #5
    DYLF
    Registered Users, Registered Users 2 Posts: 320 ✭✭DYLF


    D3PO wrote: »
    sounds very strange to me. 2 years is 2 years :confused:


    i would take 2 years as 104 weeks from your first repayment. not from when you drawdown the mortgage


  • #6
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    DYLF wrote: »
    i would take 2 years as 104 weeks from your first repayment. not from when you drawdown the mortgage

    yep but Im assuming the OP made the first mortgage payment August 2 years ago ?

    if not it goes without saying its 104 weeks or 24 payments.


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  • #7
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    Sorry thought it was clear!

    It was drawndown in August 07


  • #8
    niamh.brady
    Registered Users, Registered Users 2 Posts: 58 ✭✭niamh.brady


    Hi OP,

    Don't know if this is of help to you but i just got a mortgage with ICS (BOI) and they buy their fixed terms in bundles so you don't always get 12/24 months exactly apparently. Our original offer letter was issued on April 30th but fixed term only to be up to end of Feb the following year which is not 12 months exactly - this was regardless of drawdown date. It seems that yours may have worked in reverse.


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