I've got a mortgage with IF.com (Halifax) which is gauranteed to be
0.25% above the BoE base rate for 4 years....my question is, now that Halifax has been taken over do the new owners have to honor the terms of the orriginal mortgage contract or can they just make it up as they see fit?
I'm guessing that since Halifax havent gone bust, they just have new owners that the contract is still valid?
Any info appreciated.
David Bevan
Yes, it is
Even if they had gone bust, the new owners would still have to follow the T&C. The loan agreement sets out what you have to repay and when. They can't turn round and ask for more, or for the money earlier just because they've gone bust.
In any case, it looks like Lloyds TSB's business will be transferred to Bank of Scotland (trading as Halifax, IF, Birmingham Midshires etc) rather than the other way round, as Bank of Scotland has a licence to print money, and Lloyds doesn't.
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