Has anyone seen a condition like this in their mortgage contract?

stefg

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Hi All,

As part of [broken link removed], KBC are requiring customers to accept new terms and conditions. There is a condition that appears to be very unusual:

39(a) We reserve the right to amend these terms and conditions and the General Homeloans Terms and Conditions applicable to your mortgage account from time to time for such reasons as we deem reasonable and necessary. In particular we may amend them due to changes in legislation or regulation applicable to us or the operation of your mortgage account, and/or a change in technology, our IT Systems and/or banking practice generally or as otherwise considered by us as reasonable and/or necessary​

While I understand that changes may be required due to legislation and regulation etc, allowing them to change the terms any time they want seems very unreasonable.

This condition looks very dubious to me and basically gives KBC the right to change the terms and conditions applicable to a mortgage in any way they see fit. I also don't see why accepting the new rate offer should require such a broad ranging condition.

Is anyone aware of a similar clause in their mortgage contract? If so could you please share the exact wording of the clause and which bank it is from? I am interested to see if any other banks use such a clause. I am not aware of any if there are.

Many Thanks,
Stefg
 
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