NIB phonecall re valuation . . . should I be suspicious?

[Round Tuit]

I got a seemingly innocuous call from NIB yesterday. They said they were sorting end of year paperwork re valuations and asked just one simple question about my property. I have a Tracker mortgage with them, I switched to them during this year.

Since the call I'm wondering if I'm the only one got such a call and if I'm being overly suspicious/cynical in the current climate to fear this may be the first step in them deciding to re-do valuations for those of us on their Tracker mortgages in the hope that they can put us on higher rates as our LTVs are bound to have changed.

 

[Guest116]

I got a seemingly innocuous call from NIB yesterday. They said they were sorting end of year paperwork re valuations and asked just one simple question about my property. I have a Tracker mortgage with them, I switched to them during this year.

Since the call I'm wondering if I'm the only one got such a call and if I'm being overly suspicious/cynical in the current climate to fear this may be the first step in them deciding to re-do valuations for those of us on their Tracker mortgages in the hope that they can put us on higher rates as our LTVs are bound to have changed.

Didnt get any call myself. Check the terms and conditions of mortage agreement, at least in mine there is no clause for moving me over to another other product or forcing a re-valuation of the house.

NIB also publically stated (for what its worth) in the Sunday Business Post that they are not going to try to force people into re-valuations. They didnt cover themselves to allow this as the terms and conditions dont say anything about it. It would be impossible for them to do this as the the person doing the valuation would need access to your house and your permission. In lieu of any terms and conditions I dont see how they could force it.

 

[Round Tuit]

Comforting reply aristotle, combined with over 100 views and no-one else experiencing similar calls (or replying about them anyway). I remember checking the T&Cs a short while ago and thought I was safe enough. It's just cynical old suspicious me then . . . . not an unusual problem for me.

 

[twofor1]

From the conditions for my NIB LTV Mortgage taken out late 2006.

“In the event that your LTV increases above 80% at any time during the term of your LTV mortgage, we reserve the right to convert your LTV rate to our then applicable Home Loan rate”

It does not go into any detail as to how they would determine this valuation or implement any change.

It does not bother me as my LTV is very low, but if this condition is in mine it must be in at least some others.

Here’s the link to the article mentioned by aristotle25

[broken link removed]