Back in 2004 I took out a Bristol & West Base Rate tracker mortgage at .89% over the Bank of England Base Rate. In 2004 .89% was a high rate as I was self employed and had to pay a premium rate.
The deal was that that rate was for the life in the product, in my case 23yrs.
Today the Bank or Ireland letter, states that there are "Special Conditions" in the T&Cs which allow them to increase the rate. Firstly in May 2013 2.49% and then again on October 2013 to 3.99%
This will change increase my payment by over £500 a month.
Who else is in this situation?
I'm in shock at this as I've only expect my payments to creep up with the base rate over a period of time.
How can they get away with this?
I've got all my paperwork from 2004, but don't have any info on the "Special Conditions" 6(s), 6(l), 6(m) or 6(p).
Can some one advise what is in section six please.
Not sure what to do now!
The deal was that that rate was for the life in the product, in my case 23yrs.
Today the Bank or Ireland letter, states that there are "Special Conditions" in the T&Cs which allow them to increase the rate. Firstly in May 2013 2.49% and then again on October 2013 to 3.99%
This will change increase my payment by over £500 a month.
Who else is in this situation?
I'm in shock at this as I've only expect my payments to creep up with the base rate over a period of time.
How can they get away with this?
I've got all my paperwork from 2004, but don't have any info on the "Special Conditions" 6(s), 6(l), 6(m) or 6(p).
Can some one advise what is in section six please.
Not sure what to do now!