RBS annual consent to let fee introduced

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    RBS annual consent to let fee introduced

    hello,

    A few years ago I was granted consent to let for a one off fee of £100 for the lifetime of the mortgage.

    Now RBS are requesting an annual fee of £120 for this privilege.

    Are they able to move the goal posts mid term despite the agreement?






    #2
    Oh, well I'd guess that they can for future lettings, but not for your existing one, which you already have consent for.

    Comment


      #3
      could a new mortgage deal with them potentially allow for this fee to be introduced, even though I have "lifetime consent"? They have said, in writing, basically that banking regulations allow them to change figures actually quoted in mortgage terms and "any correspondence after". This seems absolutely outrageous as what is the point of a contract if they can change it?!

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        #4
        I presume you have a lifetime fixed interest rate too?

        Comment


          #5
          the rate is fixed for 5 years.

          Comment


            #6
            I would suggest you dig out any paperwork you have from when this was agreed and see exactly what it says, then see if this '' lifetime '' section really is what you think it is, if it was told to you via a customer services bod then i would simply forget it and pay up or convert to a BTL.

            Comment


              #7
              Originally posted by Relentlessuk View Post
              could a new mortgage deal with them potentially allow for this fee to be introduced, even though I have "lifetime consent"?
              I suppose that would depend on just what you mean by "a new mortgage deal"

              Is it a new deal or a variation to the old agreement?

              Any new deal/agreement will have new terms and conditions.
              Any variation opens the door for other changes to be made at the same time.

              It all depends what you have agreed to in the new deal or variation.

              PS. "Lifetime" in this sense meant for the existence (lifetime) of the particular deal, not for as long as you personally are alive.

              Comment


                #8
                With Fixed Rates currently falling I would seriously suggest you do a comparison of rates from RBS and other leading lenders in this niche sector.

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