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KEY FACT ILLUSTRATIONS CON or What?
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Not everyone knows what a Tracker Mortgage is and if it is not mentioned by the lender, ( they should have pointed out that the mortgage rate was not a tracker and that the Base rate has nothing to do with SVR ) the borrower is guided purely by what is supplied in the KFI.
Borrowers are told to seek advice if they dont know. Indeed, 15 years ago it was normal for virtually all borrowers to sign the contract at the solicitor who would in turn makes you aware of the risk issues. Since then, people have increasingly dropped that to save money and take the risks on themselves.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They have mentioned it because their SVR is 1.99% above it. They have the right to change it if they wish. They have changed it to 4% above the Banks rate.
I'm really sorry, but thats a lender perogative. If they wish to change their SVR then they change it.
If you dont like it take you business elsewhere.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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