‘Dear CEO’ letter to mortgage lenders about changes to mortgage contacts
The FCA has published a ‘Dear CEO’ letter sent by Clive Adamson, FCA director of supervision, to the chief executive officers of mortgage lenders relating to changes to mortgage contracts. In the letter, Adamson explains that a number of lenders have recently approached the FCA about making changes to their mortgage contracts, including standard variable rates (SVRs). He warned the planned rate hikes may be based on unfair contract terms, and go against the FCA’s principles for businesses.
The letter clarifies the FCA’s position on how lenders should engage with it if they want to change their SVR and reminds lenders of the relevant regulations and rules that apply. The FCA recognises that lenders may want to vary their SVRs or other terms in their contracts…
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