Mortgage Lender Defends Rate Hikes After MP Pressure
Law360, London (June 18, 2019, 5:17 PM BST) -- A mortgage lender under pressure from lawmakers after raising interest rates on so-called mortgage prisoners has said it misspoke when explaining the change to thousands of customers, but that it can't halt the rate hike.
Tulip Mortgages Ltd. has told the U.K.'s powerful Treasury Committee that it's obliged to change how it prices interest rates after it bought a piece of the mortgage portfolios of two collapsed lenders from a "bad bank" created in the wake of the last financial crisis.
The lender told lawmakers in a letter published by the committee Tuesday that the floating interest rate customers are charged...
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