Lender prevented from increasing interest rates on tracker mortgages

A review of a recent case which held that a lender was not able to increase interest rates in relation to its tracker mortgage products and consideration of the implications for lenders.

21st June 2016

In this briefing paper, we review a recent case which held that a lender was not able to increase interest rates in relation to its tracker mortgage products and consider the implications for lenders.

The case serves as a valuable reminder to lenders offering mortgage products that the description of a product in a mortgage offer can prevent the lender’s ability to exercise powers under its mortgage conditions. 

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