Tracker mortgage rates might not drop. Fight back against restrictive 'collars'.

nesss

I have a buy to let with chesham and my offer letter has no mention of a collar although they added it in the completion letter. i complained and they say i'd have been told verbally on the phone. I think this is incorrect as i was unaware until after i'd received my money. As it's a buy to let i'm not covered by the fsa, is anyone else in this situation and how can i take it further?

dee4life_2

jasper12 wrote: »

good news :T

was going to give them a call tomorrow as just got back from hols today and there was nothing waiting in the mail.....hopefully this will be the case for us all

Guys, i have a YBS tracker at 0.75% above base taken out in 2004. I emailed them last year about the collar and was told the usual about protecting savers etc. I am still paying 3.75%. You mentioned 2.75%, does this mean the collar has come down below 3% ?

jasper12

dee4life wrote: »

Guys, i have a YBS tracker at 0.75% above base taken out in 2004. I emailed them last year about the collar and was told the usual about protecting savers etc. I am still paying 3.75%. You mentioned 2.75%, does this mean the collar has come down below 3% ?

I phoned them mid feb and was told the 'review' was really them going through all the paperwork for their tracker customers and that if they found you hadn't been told about a collar you're rates would continue to track but that if they HAD told you about a collar then the collar would stand.

I didn't argue it as although there wasn't a collar stated on my KFD it was mentioned on the full paperwork which was issued.

aitch-aitch

nesss wrote: »

I have a buy to let with chesham and my offer letter has no mention of a collar although they added it in the completion letter. i complained and they say i'd have been told verbally on the phone. I think this is incorrect as i was unaware until after i'd received my money. As it's a buy to let i'm not covered by the fsa, is anyone else in this situation and how can i take it further?

How do you know you are not covered by FSA rules? I'm not an expert but I wouldn't have thought it made any difference what type of mortage you had and on what property it was secured.

nesss

Buy to let mortgages are not regulated by the FSA and I would have to see a solicitor to complain about it myself. I was wondering if anyone else has a chesham mortgage with a similar problem.

matimage

Earl Shilton still any shifted theirs.