Libor rate fixing

[Deleted User]

I have a mortgage with a company ( who appear to be sharks ) and have been paying a rate of 9% since the day dot. The loan is based on a variable rate and has gone up in the past but never down. When rates crashed I queried why it never went down and was told the rate was based on LIbor rates not b of e rates

So my question is that my loan is with a subsidiary of Barclays who are I believe mentioned in rate fixing so if Libor rates prove to be fixed will people who have been charged on this basis get the chance of their mortgage being reduced to the true Libor rate.

I don't really know much about these things and would appreciate any thoughts.

Brock_and_Roll

The two things are not related.

The Libor fixing scandal was indeed a very serious matter indeed. However, this basically involved a cabal of traders at a few banks making tiny adjustments to the rate fixing each day to suit the particular positions that they had.

The adjustments were absolutely miniscule to the man in the street - tiny fractions of 1% but when you have a trading position running into the billions, it is enough to make a tidy profit. Furthermore, these cheats will on some days have fiddled the Libor fixing up and on some days fiddled it down depending on their position so the net effect on the overall Libor rate for borrowers would have been tiny.

Back to your case, you are obviously paying a hefty price - is remortgaging not an option now?

[Deleted User]

Thanks for replying , remortgaging is not really an
Option as the loan was for land so not many lenders interested.