FSA warns on ?floors? in tracker rate loans

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FSA warns on ?floors? in tracker rate loans

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12-03-2008, 12:52 PM

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FSA warns on ?floors? in tracker rate loans

The Financial Services Authority (FSA) has warned banks and building societies not to use the small print in mortgage agreements to avoid passing on cuts in the Bank of England’s base rate.The Bank is widely expected to cut the base rate again this week, by up to 1%.However, some lenders have included “collars” or “floors” [...]

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