Chelsea/Yorkshire merger and my fixed rate mortgage

mrsifter_2

Hi,

I took out a five year fixed rate deal with the Chelsea in 2007 at 6.09%. It seems steep now but was the best fixed rate deal at the time.

Anyway I was wondering if the, ahem, merger with the Yorkshire goes ahead do I have any rights as to getting out the fixed rate deal? I have a 5% early repayment penalty with would be about £8,000!

My argument, if the merger goes ahead, is that it is a different company and my original t's and c's will not be valid and as such the deal should either be eligible for renegotiation or I can move penalty free.

Does anyone know if I have a leg to stand on or not? If I could get out my current deal I'd be £250 per month better off.

Any advice is much appreciated.

Cannon_Fodder

Legless.

Imagine if they said that - and the deal you had was advantageous to you, some lifetime tracker 0.5% under Base Rate, you would fight tooth and claw to save that deal...and rightly so. You sign up, they sign up, you both have to honour it.

18 months from now you'll be glad you are on only 6% !!

mrsifter_2

So there would definitely be no legal basis for me pulling out?

A bank or building society wouldn't pull the plug on me and other customers because of bad publicity.

I'd have thought that if I took a 12 month contract with say Virgin for cable services and then Sky bought them out 2 months later I'd be within my rights to cancel the contract as the contracting parties had changed?

opinions4u

mrsifter wrote: »

So there would definitely be no legal basis for me pulling out?

None whatsoever.

I'd have thought that if I took a 12 month contract with say Virgin for cable services and then Sky bought them out 2 months later I'd be within my rights to cancel the contract as the contracting parties had changed?

What on earth makes you think that?

Thrugelmir

mrsifter wrote: »

Hi,

I took out a five year fixed rate deal with the Chelsea in 2007 at 6.09%. It seems steep now but was the best fixed rate deal at the time.

Anyway I was wondering if the, ahem, merger with the Yorkshire goes ahead do I have any rights as to getting out the fixed rate deal? I have a 5% early repayment penalty with would be about £8,000!

My argument, if the merger goes ahead, is that it is a different company and my original t's and c's will not be valid and as such the deal should either be eligible for renegotiation or I can move penalty free.

Does anyone know if I have a leg to stand on or not? If I could get out my current deal I'd be £250 per month better off.

Any advice is much appreciated.

Your T&C's haven't changed. Your mortgage will be uneffected by the merger.