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Pre-2005 tracker mortgage collars - are they enforceable?
eandtp
Posts: 2 Newbie
We have a YBS tracker mortgage (base rate +0.75%) which we took out in August 2004. The mortgage offer letter had a collar-type restriction detailed in the small-print. The collar is not mentioned anywhere else in the documentation or sales literature we received at the time.
I now understand that August 2004 was before the FSA brought in the current regulatory regime.
We have complained to YBS about the collar being imposed on us, but YBS have rejected our complaint and have referred us to the Ombudsman.
Does anyone know what the requirements would have been in August 2004 – should YBS still have clearly flagged this restriction to us?
In any event, should the YBS have revisited their existing mortgages when the new regulations came in, to make sure existing customers were aware of the restrictive terms of the mortgage?
Were YBS guilty of an unfair contract term by burying this key restriction in the small-print?
Is anyone else in the same boat with YBS or any other bank/building society – and if so how far have they got with disputing it? - maybe we should pool resources ...
I now understand that August 2004 was before the FSA brought in the current regulatory regime.
We have complained to YBS about the collar being imposed on us, but YBS have rejected our complaint and have referred us to the Ombudsman.
Does anyone know what the requirements would have been in August 2004 – should YBS still have clearly flagged this restriction to us?
In any event, should the YBS have revisited their existing mortgages when the new regulations came in, to make sure existing customers were aware of the restrictive terms of the mortgage?
Were YBS guilty of an unfair contract term by burying this key restriction in the small-print?
Is anyone else in the same boat with YBS or any other bank/building society – and if so how far have they got with disputing it? - maybe we should pool resources ...
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