SVR's Terms & Conditions

Scorebet

Hi, With all talk in the news of all the SVR rises, I am starting to feel a little anxious, we currently have a fixed rate mortgage with IF and it's coming to an end in September, it was a 4 year deal fixed at 7.39% and we were banking on it it falling to the amount stated in the mortgage offer "Intelligent Finance's offset variable mortgage rate will never be more than 2% above the Bank of England's base rate", can IF change their T&C's on a product we already have?

Sorry if this sounds like a daft question.

betmunch

Its a tough one, and I dont think anyone can be sure.

Sounds like the sort of thing that is in the C&G and Halifax T&C's.

C&G dont seem able to change theirs, but Halifax already have.

opinions4u

The word "never" in the contract looks pretty solid to me.

My gut instinct is that they would have wriggled out of this obligation before now if they felt they had the wriggle room to do so.

So enjoy the low SVR (and take the opportunity to overpay and get your debt down just in case something changes).

shortchanged_2

opinions4u wrote: »

The word "never" in the contract looks pretty solid to me.

My gut instinct is that they would have wriggled out of this obligation before now if they felt they had the wriggle room to do so.

So enjoy the low SVR (and take the opportunity to overpay and get your debt down just in case something changes).

But this sounds very similar to the terminology that Skiptons had and they went ahead and changed the deal under an 'exceptional circumstances' clause.

opinions4u

shortchanged wrote: »

But this sounds very similar to the terminology that Skiptons had and they went ahead and changed the deal under an 'exceptional circumstances' clause.

Did Skipton use the word "Never"?

Similar yes, but not the same. And the fact Skipton bit the bullet a couple of years ago and IF (along with Lloyds TSB and C&G) didn't highlights the difference still further.

I repeat, if a lender thought it could get out of jail with a low SVR they would already have done so*.

*DISCLAIMER: I'm not a contracts lawyer!

deedee71

I'm with Intelligent Finance too and have been on the BoE base rate tracker (ie it isn't really an SVR) for a while now.

I hope they don't have any wriggle room but perhaps when IF is bought over as part of the Lloyds branches sale, the new owners (looks like it will be the Co-op) will try to get us off of this very favourable rate.