A friend has just found out that her mortgage company (Agreed Mortgages)
have been steadily increasing the amount of interest charged on her mortage
(1/4 percent every quarter for last 12 months). It is a variable rate
mortgage, but she received no notification of the increase in interest and
the direct debit payment has been kept at the original amount - therefore
paying off less capital each month.
Is this legal/right/allowed for them to increase rate without notification
and without adjusting the monthly payment?
- posted 15 years ago