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Mortage Fixed term expiring

  • 20-06-2013 08:47AM
    #1
    Aye Bosun
    Registered Users, Registered Users 2 Posts: 349 ✭✭


    Just a quickie. Bought house in Aug 2011 signed into a 2 year fixed term which will expire in Aug 2013. What happens then?


Comments

  • #2
    Riskymove
    Registered Users, Registered Users 2 Posts: 10,900 ✭✭✭✭Riskymove


    unless you fix a new term it goes to the variable rate


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Aye Bosun wrote: »
    Just a quickie. Bought house in Aug 2011 signed into a 2 year fixed term which will expire in Aug 2013. What happens then?

    Your bank will write to you prior to the expiry of your current fixed rate listing out all the rate options available i.e. various fixed rate options & variable etc. You will be asked to pick one of the options and return the letter to them. If you don't pick an option it will automatically revert to the standard variable rate at the expiry of the 2 yr fixed rate.


  • #4
    Aye Bosun
    Registered Users, Registered Users 2 Posts: 349 ✭✭Aye Bosun


    Thanks for the info, that's what I assumed would happen but just wanted to check.


  • #5
    j@utis
    Registered Users, Registered Users 2 Posts: 3,057 ✭✭✭j@utis


    ours expires at the end of this month. last week KBC sent us a letter informing that from the next month interest rate will be blah and what new repayment will be. no need to do anything.


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