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Guest

My mortgage interest rate is a tracker and is at 0.44% .With the latest drop in the BBR it would go to -0.06% in theory they would owe me money.they have said they will charge me 0.01% and refund me two weeks later.
Firstly this is not the full 0.5% reduction(breech of contract?)im sure there would be no maximum rate?
Secoundly why charge me and wait two weeks for a refund?

smithsussane · Posted: Thu Mar 05, 2009 7:36 pm Post subject:

Hi guest!

Welcome to forums!

If there is a contract between you and the lender, then they cannot deny it. They will have to give you the money you owe to them. Well, I do not find anything wrong in charging you and then giving you the refund as you will get back the amount within two weeks. However, what I would suggest you is that you should ask the lender to give you a written document regarding this which will help you if you face any issues later on.

Sussane

gmakerley · Posted: Fri Mar 06, 2009 12:17 pm Post subject:

wow

this is obviously not a loan situation that exists within the confines of the united states. sussane, please explain precisely what you mean by saying "they will have to give you the money you owe to them."

i do agree that you need to discuss this situation with your lender and request something in writing so you'll have a record.

Jessica · Posted: Sun Mar 08, 2009 10:39 am Post subject:

Certainly George, this is a situation outside the US. In fact, the poster seems to be from the UK as he's talking about tracker mortgages and the BBR or Bank of England Base Rate.

Now, I'd like to know if the poster has signed any contract stating that there'll be a reduction of 0.5% with a drop down in the BBR.

gmakerley · Posted: Mon Mar 09, 2009 7:38 am Post subject:

thank you jessica, for some sanity to lend to the discussion.

smithsussane · Posted: Mon Mar 09, 2009 7:21 pm Post subject:

Hi George,

I said "they will have to give you the money you owe to them." in response to the original poster's statement:

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