Loan company want to change rate after I already sent agreement?

sh13292 · 28 August 2015 at 9:04AM

Hello.

I recently applied for a loan with Tesco bank. They sent me my agreement, which was 8.5%. I then had to move house because my landlord sold it very quickly, so I changed my bank statement to my new address and called the loan company to change the address and have the new agreement sent to the new address. I recieved this, and sent back my agreement with the new address on, with my documents and signature. I then received a phone call from them saying that I had to have a new agreement sent out because my rate has changed to 12.1% due to my recent move.. Are they allowed to do this? I already had the previous agreement sent with the correct address and 8.5% rate on it, which I agreed to, so I am not sure how they are allowed tonow change the rate just because of that, when I had already agreed to it? Any help much appreciated!