Alarming Mortgage Transfer Letter?

Alarming Mortgage Transfer Letter?

13:34 PM, 24th March 2021, About 3 years ago 5

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I have just received a letter from Amber Home Loans saying that in the transfer of my BTL mortgage to Skipton Building Society I have to accept a change of terms in which the SVR will switch to Skipton’s BTL SVR – currently 4.6%.

I can either pay off my mortgage or accept a hike of 3%. Highly alarming, but it does go on to say that if I am on an SVR linked to BoE rate or LIBOR this will not happen.

This is a highly alarming way to word the letter. Especially when it highlights “In the event of any conflict between the changes to the T&C’s set out below and any provisions in your existing mortgage account T&Cs, the provisions below will apply.

Can someone reassure me that my original T&Cs still hold as per the previous rate hike battle?


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Neil Patterson

13:39 PM, 24th March 2021, About 3 years ago

Hi Jack,

If you have a water tight tracker rate contract you should still be Ok. Although LIBOR is being phased out over the next year.

We hope that our Property118 Win over the West Brom for breaking tracker mortgage contracts will deter others lenders from future such actions, but it took our team and members over half a million pounds and 2.5 years to win in the Court of Appeal.


13:47 PM, 24th March 2021, About 3 years ago

Reply to the comment left by Neil Patterson at 24/03/2021 - 13:39
Thanks Neil and your previous case was much appreciated.

Peter Fisher

8:37 AM, 25th March 2021, About 3 years ago

The original terms of the original mortgage stand - unless you agree to sign new terms. They cannot force you into signing ANY new terms at all. The law is on your side. It was not your decision to to have the mortgage transferred and / or sold to a third party.


18:07 PM, 25th March 2021, About 3 years ago

I was with Holmesdale who were acquired by Skipton. I found Skipton to be an excellent provider and was never concerned that they would somehow 'hike' my payments. Indeed, I was offered a choice of new products as I came towards the end of my 5 year fix, and settled on a much lower rate and with no early repayment penalties. Very useful because my mortgage was very high and I sold my property just a few months later. I would not hesitate to go with Skipton in the future.


12:08 PM, 29th March 2021, About 3 years ago

I know absolutely nothing and don't quote me but this sounds like an offer to me. I believe that if you don't reply then the new terms apply by default as you have tacitly accepted by not speaking up. If you write to them and tell them that you don't accept the new terms and put a counter offer to them (say the same interest rate as you already have and for a period extending beyond the original fixed tem) and tell them if they don't rebut within 14 days then the new terms as you have stipulated will apply by their tacit acceptance. You need to be going on Observation Deck and suchlike sites on bitchute to learn how to deal with these corporations and word it better than i have

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