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Originally asked by email by Colloff if someone could assist please
We am looking for some advice, regarding the introduction of MCOB on 31 October 2004.
We purchased a property that incorporates a shop and living accommodation. The living accommodation is over 40% of the property and as far as we understand, this means it is a Regulated Mortgage.
We were offered a business loan for the purchase of the property. The loan was completed at the end of November 2004, after the 31 October 2004 deadline. At no point during the purchase process did the bank may us aware of the impending MCOB regulations.
The regulation has only been bought to our attention following attempts to renegotiate a new loan to replace the existing one, up until then we were totally unaware that the regulation existed.
Based on this, do you feel that we have a case against the bank.
Thank you in advance for your assistance.
We purchased a property that incorporates a shop and living accommodation. The living accommodation is over 40% of the property and as far as we understand, this means it is a Regulated Mortgage.
We were offered a business loan for the purchase of the property. The loan was completed at the end of November 2004, after the 31 October 2004 deadline. At no point during the purchase process did the bank may us aware of the impending MCOB regulations.
The regulation has only been bought to our attention following attempts to renegotiate a new loan to replace the existing one, up until then we were totally unaware that the regulation existed.
Based on this, do you feel that we have a case against the bank.
Thank you in advance for your assistance.
