Cam bank mortgage rates

Can anyone shed any light.

We have had a cam bank mortgage for 5 years at euribor plus 1%  Last revision date was 4th December 08 when Euribor was 3.30% , so I asked why am I paying 6.25% until December 2009. I was told at the Moraira branch, thats its because although revision was  due in December 08 , they take the rate from September 08 (3 months before) when in was nearly 5%.

Are they pulling a fast one, or am I missing something? If the review is due in december, surely the rate in December should apply?   Has anyone sucessfully challenged this nonsense.

Any ideas about what to do about it. I feel like I am being robbed every month and its a long time until December 2009

Cheers

Lots of us in the same boat, its all to do with when they originally booked your rate which tended to be before you drew down your mortgage. My revision was 31/1/09 but rate applied was 3 months earlier so I'm still all in at 5.45%, gutting but should come way down next time round

I had similar issue, I completed in August and expected a revision end Feb but they used Dec rates.  Initially told would be based on Dec 28th rate but after emails asking why it was 0.2% higher than Euribor on Dec 28th + 1.1% it turned out they average the rate over the whole of December.

CAM website has historical data so you can see the monthly rates.

Overall dissappointed not explained properly first time but also looking forward to the revised rate in a years time. Somewhat think I prefer the Spanish SVR system if rates start heading up in a years time as it should give some stability/forwarning before the next review.