Legal redress against Bank's minimum mortgage rate

A question about : Legal redress against Bank's minimum mortgage rate

Does anyone have any leads for contesting my Bank's right to impose a minimum lending rate of 4.5%?? This is a detail in my mortgage contract but I am hoping that it can be considered unreasonable since the Bank's only answer when I questioned them about it was that no one thought that interest rates would ever go below 4.5%:confused:

Best answers:

• Two years ago 4.5% min lending rate would not be "unreasonable", maybe in two years time it still won't be unreasonable. Unless you could prove usury by your bank, I don't think there would be much you could do about it. As with any contract banks can impose conditions as long as they are within the current law. You are a party to the contract and after reading it, do not like the conditions imposed then you can say the conditions are unacceptable and not sign.