Brendan Burgess
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A friend of mine took out a mortgage 10 years ago on their family home and has only recently discovered that he has been charged commercial rates all the time. So he is paying around 9% at the moment on a house with an LTV of 50%.
The contract says "commercial mortgage" although the lender knew that it was his family home.
It has never been used for any commercial purposes.
At the time he was involved in property investment and had a number of properties and a number of commercial mortgages, so he didn't think much about it.
From a legal point of view, he signed the contract, so I am not sure if he has any legal argument.
Is there any other argument he could use? The CPC probably was not in place at the time he took out the loan.
Brendan
The contract says "commercial mortgage" although the lender knew that it was his family home.
It has never been used for any commercial purposes.
At the time he was involved in property investment and had a number of properties and a number of commercial mortgages, so he didn't think much about it.
From a legal point of view, he signed the contract, so I am not sure if he has any legal argument.
Is there any other argument he could use? The CPC probably was not in place at the time he took out the loan.
Brendan