Help! UCB tracker with collar and no key facts document

wantabetterlife

Hi
This is my first time posting and i was wondering if any of you folk could enlighten me.
We currently have a BTL tracker mortgage with UCB homeloans (part of nationwide).
On the product conversion offer it states that their is a collar of 2.75% which was then reduced to 2% in line with the rest of nationwide as a temporary concesssion. However after reading some posts on this sight i have read that the collar may not be enforcable if it is not on the key facts document.
I phoned UCB and asked for the KFD to be sent out but they sent me out the product conversion offer which i already had. I phoned them again today and and have been advised that there is no key facts document available for my mortgage and just the product conversion offer. Is this possible? I said that i would write a letter to complain that KFD was not available. The girl at UCB said that collar was legally binding as we had signed the product conversion offer.
Have any of you had similar experiences or had the collar removed because of no KFD? Not sure where i stand with this. Thanks

HelpWhereIcan

The main issue you will have (and I am surprised UCB did not mention this) is that BTL mortgages does not come under FSA regulation so there is no requirement for you to be given a KFI.

Most lenders and brokers will give you one as good practice but there is no legal requirement for them to do so in the same way there is for regulated mortgages.

In that case your product conversion offer will form the basis of your contract with UCB.

The FSA were the ones saying they would look into the enforceability of collars that were not disclosed on the KFI - and that was mainly under their disclosure requirements and Treating Customers Fairly initiative not the legality of the contract clause per se.

As far as I know there was no-one claiming the collar could not be legally enforced in a court (your legal contract is formed by the offer document and the T&C booklet) just whether the FSA would take action against firms for not treating customers fairly.

wantabetterlife

Thanks for your reply. That clears things up a bit. I dont know why the girl at UCB never said that- she just said that the KFI wasnt available. I guess i will just have to settle myself that the collar is valid and that i should have read the product conversion offer properly in the first place. You live and learn!!!!
Thanks again.