My bank just threatened to withdraw banking privileges from me....

BillJones

Hominu wrote: »

Likewise, if they suspect fraud, they can cancel the mortgage.

Rubbish. My bank entered into a legal agreement wiith me, and I agreed to pay back on an agreed schedule. They do not get to tear up this deal and demand that I repay eary just because they "suspect" fraud.

Aquamania

BillJones wrote: »

Rubbish. My bank entered into a legal agreement wiith me, and I agreed to pay back on an agreed schedule. They do not get to tear up this deal and demand that I repay eary just because they "suspect" fraud.

Have you read the terms of your mortgage agreement?

Most mortgages can be called in on just 28 days notice (but it rarely if ever happens) - no reason required.

Did your solicitor not point out the very common term when you bought the property. Put the heebie-jeebies up me when mine did ... but a quick chat with him soon settled my nerves (not that there was anything that could be done about the term as I was told it was in almost every mortgage agreement to protect the lender if they are about to otherwise go bust)

grumbler

In my "Your mortgage" booklet they say:

We will only do this for a good reason, for example, if the mortgage was obtained by fraud or misrepresentation, or if you don't make repayments on time.

I don't think that "was" is the same as "suspected" and that suspicion is "a good reason".

That said, this booklet isn't the Mortgage Conditions where they don't say anything besides "good reason", but I think any court will agree that suspicion isn't good enough.

FireWyrm

grumbler wrote: »

In my "Your mortgage" booklet they say:
I don't think that "was" it the same as "suspected" and that suspicion is "a good reason".

That said, this booklet isn't the Mortgage Conditions where they don't say anything besides "good reason", but I think any court will agree that suspicion isn't good enough.

I think they might have problems foreclosing anyway because of the issues surrounding making someone homeless. I suspect they would have to go to court to actually foreclose on a mortgage at just 28 days notice and no reason given. If the court doesnt want to know a reason, I'm pretty sure the local authority would since it would be they who were picking up the pieces. People dont just get foreclosed on in this day and age, there are a million and one steps that have to be satisfied before it gets to that point.