Old ING Direct Flexible Mortgage - Barclays takeover

Muzza_2

mine is a base plus 0.89% flexible mortgage.

i too am worried Barclays will try and change it for the worse.

I have my key facts and a general mortgage conditions jan 2008 (scotland) but it doesn't specifically mention the gaurantee of base rate plus 0.89%

what doecument should it be on and should i try and get another written copy of my t&c's?

i would like to be prepared in advance of the move.

Thrugelmir

PealRinger wrote: »

..but not necessarily loss-making over the life of the mortgage.
The base rate may go up as well as down, so I think this would be a hard argument for them to win.

The small Building Society that I have my life time base rate tracker mortgage with. Reported an operating profit of £78,000 in 2011. Lenders cannot sustain these margins indefinately.

getmore4less

I don't get this comercial get out.

if someone lends you money on a contract then that should be the asset to pay their creditors.

Thrugelmir

getmore4less wrote: »

I don't get this comercial get out.

if someone lends you money on a contract then that should be the asset to pay their creditors.

The money lent to a borrower is supplied by a depositor. Banks merely make a margin on the transaction. So if the commercial cost of deposits is say 2% then lending at a rate at anything under 3% would be incurring a loss.

getmore4less

Thrugelmir wrote: »

The money lent to a borrower is supplied by a depositor. Banks merely make a margin on the transaction. So if the commercial cost of deposits is say 2% then lending at a rate at anything under 3% would be incurring a loss.

I understabd that but the lende( to you) should not be able to say I made a mistake I am putting the price up.

It would be like booking a hotel and paying up front only for them to knock on the door at 2am and say sorry we made a mistake the price has gone up.

If they need to borrow at 2% to give the money to you at 3% then they should make sure they have that money at 2% for as long as they need it.

Thrugelmir

getmore4less wrote: »

I understabd that but the lende( to you) should not be able to say I made a mistake I am putting the price up.

That's precisely why all mortgage contracts have an exceptional circumstances clause. As no one foresaw the BOE reducing base rate to 0.5% and now for what appears to be an indefinate period.

Lenders also have to comply with the requirements Bank and Building Society Acts. So more complex than just a mistake.

opinions4u

Thrugelmir wrote: »

That's precisely why all mortgage contracts have an exceptional circumstances clause.

Genuine question. Do they all?

Thrugelmir

opinions4u wrote: »

Genuine question. Do they all?

I've never seen a mortgage contract without one. Personally I've always read the small print as to what I'm agreeing to.

opinions4u

Here's a link to their mortgage T&Cs.

I would argue that 19.3 and 19.9 doesn't apply to tracker rates which are covered in 20.11.

My first skim hasn't found their right to back out of the link to base rate on a tracker rate. Certainly not in section 14.

eddiemacthedog

also on a lifetime tracker + 0.9%, got a letter in a few weeks back but have to admit it went a bit beyond me.
Im just hoping that it remains when we are transferred as im currently overpaying as much as possible to try and get it paid off.