Tailored Business Loan or other fixed-rate lending against your portfolio?

[FionaSherriff]

Mainly between 2005 and 2009, Clydesdale, Yorkshire and some other banks sold fixed-rate loans to people with property portfolios. It's turning out that many of these may have been mis-sold. Relationship Managers often told people that interest rates were likely to go up even though the bank knew they were not, bank employees were highly motivated to sell these products due to huge commissions, and the products incur enormous, previously undisclosed fees (up to 40%) if they are broken, so it's impossible for people to refinance or sell down.

The reason for all this is that these products contained 'Hidden Swaps' that the customer know nothing about, and they should never have been sold to small businesses. If you think this may apply to you, you may be interested in Bully-Banks' campaign to expose this mis-conduct by the banks and secure redress to customers. If you want to know more, there is a meeting about Hidden Swaps next Saturday 30th November- further information is here http://www.bully-banks.co.uk/site/conferences.