Morgage Company Bullying me into converting from low interest tracker.

Jimbo1976

This one relates to a lender trying to force a borrower onto an SVR

http://www.fsa.gov.uk/pages/consumerinformation/unfair_contracts/uct_term_changes/chesham.shtml

seftonbarn

dunstonh wrote: »

It should be noted that lenders do have the right to switch to repayment basis if you fail to keep up your repayment vehicle or are unable to provide details of a suitable repayment vehicle (or intention).

So, whilst you may not be happy with what they are doing, they can do it. And it is logical for them to do it as well. At least against the amount of the shortfall. Not the whole mortgage as you do have a vehicle for a good chunk of it. That said, I suspect if you complained they would back down as you do appear to have suitable vehicles to cover the shortfall.

I have a right to be treated fairly - if they forced me onto a repayment mortgage I believe that I could prove in a court of law that they were treating me unfairly which, in the eyes of the FSA is not permitted. How can it be fair that a solution that they offer is investment in a risk based stocks and shares ISA. I find that rather distasteful when the reason I have had to give up my golden hand shake to pay off my mortgage is that a risk based endowment never matures as much as was expected. I agree with a lot of other posters on this thread who have illuded to the fact that they haven't got a leg to stand on. In fact I am now going to phone them and tell them to..... well......swivel!!!