Can a bank change a fixed rate

M

mkc

Registered User
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37
Hi,

I signed up for a mortgage with Ulster Bank at a fixed rate for the first 3 years. I have subsequently found out that I have being make repayments at a higher rate than the fixed rate I signed to. I contacted the bank and they told me that the rate is subsequent to change as per the terms and conditions. I signed for the mortgage over a month before they changed the rate. They said that there was conditions outstanding at the time of the change and therefore when i drew down the new rate was in effect. I was never notified or informed of this. Is this leagal or do i have a leg to stand on.

mary.
 
I think that the rate is the one in effect at drawdown, which may be different to that quoted initially. It should say something in your loan documentation to that effect. I'm afraid I don't think there's any recourse in this case. Do check the docs though. Others here will be able to comment too.

Sprite
 
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