Can a bank change your mortgage rate?
On 31 Dec 2009, 06:01, "In400metreskeepright"
wrote:
"Rob Graham" wrote in message
...
Bombastic wrote:
I have a tracker mortgage taken out some time ago with TheWoolwich
(Now Barclays). My rate is very low because it's a tracker and was
taken out when they tracked at base + 1.25%. I just got a letter that
worries me, it seems to imply that they are going to change the terms
of the agreement and put me on base + 4%. Can they do that?
Read your mortgage contract. That will tell you if they can do this.
Rob Graham
and don't bother looking at the large print, it will be in the very
smallest.
Thanks Rob,
I had overreacted to a badly written letter. The letter was regarding
the current account linked to the mortgage account. It used a term
"The Woowich Standard Variable Rate" which I took to mean my mortgage
rate, but in fact it's the current account rate.
Thanks for respondng.
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