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Commercial mortgage minimum interest rate Abbey
DonsBo
Posts: 2 Newbie
Hello
Our commercial mortgage is with the Abbey and our rate is Bank's Base rate plus 1.75%. The catch is that the mortgage carries a minimum interest rate of 4%. So instead of getting a rate of 2.75% we are paying 4%.
I have approached Abbey but they are not willing to remove the minimum rate which seems to contradict what the government are trying to do by lowering base rate.
Anyone else in this situation and has any one managed to find a way around it?
Is it worth approaching my MP?
Our commercial mortgage is with the Abbey and our rate is Bank's Base rate plus 1.75%. The catch is that the mortgage carries a minimum interest rate of 4%. So instead of getting a rate of 2.75% we are paying 4%.
I have approached Abbey but they are not willing to remove the minimum rate which seems to contradict what the government are trying to do by lowering base rate.
Anyone else in this situation and has any one managed to find a way around it?
Is it worth approaching my MP?
0
Comments
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Not sure what you hope your MP would do. Was the collar mentioned in your mortgage offer? If so then you agreed to the conditions when you signed up.0
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