I have received my mortgage redress letter from BOI and in addition to signing the payment authorisation form they also want is to sign the mortgage form of authorization to “formally acknowledge and accept the rate change we have already applied to your mortgage”.
By signing this form they say we are acknowledging that “if we certify that the repo rate is unavailable at any time or times we will charge you our prevailing variable rate”. Is this normal? I am concerned that we are having to sign a form accepting the margin as outlined in our original loan agreement and they are adding a clause to say they could put us on the PVR.
Have others in the same situation signed this form?
Thank you for your help.
By signing this form they say we are acknowledging that “if we certify that the repo rate is unavailable at any time or times we will charge you our prevailing variable rate”. Is this normal? I am concerned that we are having to sign a form accepting the margin as outlined in our original loan agreement and they are adding a clause to say they could put us on the PVR.
Have others in the same situation signed this form?
Thank you for your help.