Are changes to mortgage contracts fair?
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Former_MSE_Wendy
Posts: 929 Forumite
The FCA is looking into the fairness of changes to mortgage contracts.
Whether you've experienced a change or not, it wants to hear your views on how you think the market should work.
From giving notice to change an SVR or fixed term rate to removing product features, changes are allowed if they're fair. What do you think is fair?
Is having a term in a contract that allows changes enough?
What would you expect to happen if your lender wanted to make a change?
Let the FCA know your views (good and bad) via its online response form (Questions 1 to 6 are for consumers) before 30 Sep or let us know your thoughts below.
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our Forum Intro Guide.
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Whether you've experienced a change or not, it wants to hear your views on how you think the market should work.
From giving notice to change an SVR or fixed term rate to removing product features, changes are allowed if they're fair. What do you think is fair?
Is having a term in a contract that allows changes enough?
What would you expect to happen if your lender wanted to make a change?
Let the FCA know your views (good and bad) via its online response form (Questions 1 to 6 are for consumers) before 30 Sep or let us know your thoughts below.
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our Forum Intro Guide.
[threadbanner]box[/threadbanner]
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Comments
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Simple answer really...
Would the bank/building society be happy for the mortgagee to unilaterally change the terms of the mortgage to reduce the interest rate etc? If not,why should the bank be allowed to make changes unilaterally??
IMHO any term which allows a business to make unilateral changes without the agreement of the customer is inherently unfair, and in most other situations is not allowed - compare the rights of the customer to reject a change if a credit card company wants to raise its rates.
If the bank can't make money on the terms of the mortgage as originally agreed, TOUGH. They certainly wouldn't care one jot if the customer lost out...0
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