We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Legal redress against Bank's minimum mortgage rate

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%":confused:

Comments

  • lincroft1710
    lincroft1710 Posts: 18,346 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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 Wales
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.