A
It's been the law in Britain for many years now.
This capping of variable rates legislation has been in existance in the English legislature since the late 1990's, we usually copy English Law as our legal system is based on the common law of Oliver Cromwell, but not in this case. Funny that!
I think he already has; UFICCR 1999 refers. I went on line and saw a lot of mortgage providers been halled before the courts for charging svr rates that the FCA thought were to high. Sarenco go on line and see for yourself.
BOI reverse mortgage hike for 1200 customers
To Sarenco, my doubting Thomas,
Without having to spoon feed you, you don't appear to know where to trawl the net in order to investigate matters. I will help you this once. Look up FCA sanctions against Cheshire Mortgage Corporation Limited. Sarenco, in this Country there has been no case taken by a individual against a Bank regarding unfair terms in mortgage contracts that has been allowed to get to Judgment. (if you get my drift ) All I can say is, if anyone challenges their respective mortgage agreement in relation to article 5 of SI 27/1995 Unfair Terms in Contract Regulations 1995 (ie that the terms are drafted in plain, intelligible language.) watch what happens !
There is already a ruling from the European Court of justice about rates, penalties and general repossession Google ECJ Mohamed Aziz
Well, first off you claimed that the UK had introduced legislation in the 1990s to cap variable mortgage rates but you were not able to back up this claim.
Is this the Cheshire Mortgage Corporation case that you are referring to?
http://www.theguardian.com/money/2012/dec/10/fsa-fines-cheshire-mortgage-corporation
Assuming it is, this case appears to relate to an inconsistent and unfair application of arrears charges and, on the face of it, does not have anything to do with increasing variable mortgage rates as claimed. You will forgive me if I am starting to doubt your credibility at this stage.
And no, I don't get your drift - what are you talking about?
It's actually far reaching finding, however the only reference to "affordability", relates to the underwriting process and failure by CMCL to conduct adequate due diligence on their Borrowers income & expenditures.
CMCL are a small operator who specialize in lending to people with County Judgements against them (almost the definition of sub-prime).
Link to the actual FCA report here http://www.fca.org.uk/static/pubs/final/cmc-ltd.pdf
This capping of variable rates legislation has been in existance in the English legislature since the late 1990's
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