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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS