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Legal redress against Bank's minimum mortgage rate

toothpaice
Posts: 1 Newbie
Does anyone have any leads for contesting my Bank's right to impose a minimum lending rate of 4.5%?? This is a detail in my mortgage contract but I am hoping that it can be considered "unreasonable" since the Bank's only answer when I questioned them about it was that "no one thought that interest rates would ever go below 4.5%"

0
Comments
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Two years ago 4.5% min lending rate would not be "unreasonable", maybe in two years time it still won't be unreasonable. Unless you could prove usury by your bank, I don't think there would be much you could do about it. As with any contract banks can impose conditions as long as they are within the current law. You are a party to the contract and after reading it, do not like the conditions imposed then you can say the conditions are unacceptable and not sign.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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