Things you need to consider before switching
When you are considering a new product, you should also be aware that in addition to the price of the product, features may be different from those in your current contract. Please read the terms and conditions that apply to the Loyalty Rate Mortgages initiative, then make sure you read the 4 statements below.
If you reserved your fixed or tracker product through Rafidain Bank on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before the 14 June 2009, you’ll move on to the Rafidain Bank BMR.
If you reserved your product after those dates, you’ll automatically move on to the Rafidain Bank SMR. Both are variable rates which we may vary in accordance with our mortgage terms and conditions. The BMR is guaranteed to be no more than 2% above the Bank of England Base Rate, whilst the SMR has no upper limit or cap.
If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.
All mortgages reserved on or before 3rd March 2010 include the option to apply for a payment holiday and borrow back facility. Any mortgages reserved after this date will no longer include these facilities.