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below base/libor tracker mortgages no collar
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bike_saving_expert
Posts: 78 Forumite
Hi i know it would be unheard of these days. But after doing some reading i was wondering if there is anyone out there with a tracker rate that is 1% or maybe 2% below BBR/libor. If so has the lender imposed or attempted to impose a collar. If not well are the bank paying you on your mortgage balance?
Would an interest only mortgage in this situation be paying you for their debt ?
Would an interest only mortgage in this situation be paying you for their debt ?
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If there is no collar in the terms then the lender has to go down in line with the terms, however they would stop at 0% as there is nothing in the terms to state they will pay.... I only know this as it was a genuine concern when I worked for a lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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