New contract for tracker mortgage.

forumman_2

I have a tracker with Scottish Widow at base plus 0.75 for life which is great. Yesterday I got a letter asking me to sign a NEW contract which they say is same as original. I'm cynical enough to know that they wouldn't offer this for my advantage. What advice would you give?

koexelek

I'm cynical too, and would not sign it.

It might be that have made a !!!! up on the first one, but are trying to discreetly put it right and get you to sign a new one.

you have what you wanted... why should you have to sign a contract retrospectively ?

Rick62

Have you read the new contract? Have you asked why they need a new contract and what the changes are?

Debt_Free_Dreamer

How long ago did you sign the original one?

will-in-estoril

Turkeys don't vote for Christmas!

Don't sign anything. I am assuming you are happy with your current deal.

forumman_2

Hi,
Signed original Aug 03 and they state that;

'In Oct 2004 , Mortgage regulation came into force which meant all new mortgage contracts taken out after that date were regulated by the FSA. Since your mortgage was taken out prior to Mortgage Regulation we are now taking the opportunity to contact customers and update their existing mortgage contracts and conditions with a regulated contract.'

If I sign I also accept a new Key Facts document.

My plan is to do nothing.

hearts

Very unlikely they would try to rip you off. Probably just protocol.

will-in-estoril

forumman wrote: »

Hi,
Signed original Aug 03 and they state that;

'In Oct 2004 , Mortgage regulation came into force which meant all new mortgage contracts taken out after that date were regulated by the FSA. Since your mortgage was taken out prior to Mortgage Regulation we are now taking the opportunity to contact customers and update their existing mortgage contracts and conditions with a regulated contract.'

If I sign I also accept a new Key Facts document.

My plan is to do nothing.

Presumably you are happy with your unregulated mortgage, in which case your proposed course of (in)action is as I would do.