What is the purpose of the banks' Variable Rate Policy Statements

There might be some point in a checklist in a prescribed format e.g.

We make all rates and deals on offer to new customers available to existing customers: Yes/No
We allow customers who reduce their original LTV to avail of a lower rate, if it brings them into a new category. Yes/No
We allow customers who move home to bring their fixed rate with them to the new property - subject to the usual credit activity Yes/No
 
It's a regulatory requirement but you answered your own question

They think they can do what they want, they will continue to do so if people stand by a do nothing

Look at Northern Rock Variable Rate class action lawsuit in UK
 
The CBI introduced same to protect the Banks from an unfair term challenge to their variable interest rate clauses within their mortgage loan agreements and credit agreements.
 
Last edited:
RedOnion said:
This pretty much.
They're a waste of time. CBI told the banks they need to have one, so they all do.
Click to expand...
The CBI introduced the variable interest rate policy to protect the Banks from an unfair term challenge to their variable interest rate clauses within the Banks’ mortgage loan agreements and credit agreements, plain and simple.
 
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