Bank charges very high interest rate - where do I stand?

InMyDreams

achilles1 wrote: »

But what I am talking about is simply porting the mortgage to a different product within the same banking group, i.e. Barclays.

Porting is when you take the same product to a different property. You take your original terms with you when you move. You want new terms so you are not talking about porting the mortgage.

If you think your current terms are so unreasonable, why did you agree to them in the first place?

It sounds like you have taken a risk that in this time, unfortunately, has backfired.

dunstonh

do you think I have the right to transfer the mortgage to Barclays?

No. Different lending criteria existed and if you wanted to move to a new Barclays mortgage they would treat it as a new application.

Where do I stand legally?

They are not doing anything wrong so you stand nowhere.

Can I take them to court?

Only if you want to lose.

Can I complaint to the authorities on the grounds that the rate they charge is unfair?

You wont get anywhere. 1) your mortgage is unregulated 2) the rate is not unfair the mortgage book in question. 3) its a commercial arrangement, not a residentila mortgage.

(BoE rate is only 0.50%).

Std Life never used BoE rate.

Mortgaged buy to lets are a higher risk investment option. You are borrowing money to invest. Thats quite dangerous as you can end up with an asset that is lower in value than what you borrow and a yield that doesnt cover your interest. A lot of people disregarded the risks in the credit boom and are now paying for it. I'm afraid it looks like the case here.

Your best bet is to start overpaying the mortgage and build some equity. Trying to blame someone else is not the answer.

JimmyTheWig

JimmyTheWig wrote: »

What was the rate when you took out the mortgage?
When did you take out the mortgage?

Looks like this question got missed?