A friend has noticed the following clause in his mortgage contract:-

F.2.4 If we give you at least three months notice, you must pay us the mortgage debt in full by the time the notice runs out.

Does the Ecology have a similar clause and, if it does not, is the clause legal?

The mortgage concerned is on an eco renovation in East London. Would the Ecology consider taking over such a mortgage?

quote:

Our current Mortgage Conditions states that:

The money you owe us will become immediately payable –
(a) if you are more than two months late in paying any money under the mortgage;
(b) if there is a breach of any term of the mortgage or these Conditions (other than a term which requires you to pay money);
(c) if –
• someone presents a bankruptcy petition against you;
• you enter into a voluntary arrangement or a deed of arrangement;
• you apply for an interim order;
(d) if the property is compulsorily purchased or requisitioned.

Naturally, if we become aware of a problem or breach, we will endeavour to work with borrowers to try and achieve a mutually beneficial outcome. To date we have not found it necessary to enforce these conditions. On the few occasions we have taken possession of a property, they have been in serious arrears and followed a series of efforts to accommodate the borrowers circumstances.

We cannot comment on the legality of the clause in your friend's mortgage contract.

As you know we lend on eco-renovations, so we are willing to consider a mortgage application from your friend.

Thanks very much. I've passed on the message.

Our current Mortgage Conditions states that:

The money you owe us will become immediately payable –
(a) if you are more than two months late in paying any money under the mortgage;
(b) if there is a breach of any term of the mortgage or these Conditions (other than a term which requires you to pay money);
(c) if –
• someone presents a bankruptcy petition against you;
• you enter into a voluntary arrangement or a deed of arrangement;
• you apply for an interim order;
(d) if the property is compulsorily purchased or requisitioned.

Naturally, if we become aware of a problem or breach, we will endeavour to work with borrowers to try and achieve a mutually beneficial outcome. To date we have not found it necessary to enforce these conditions. On the few occasions we have taken possession of a property, they have been in serious arrears and followed a series of efforts to accommodate the borrowers circumstances.

We cannot comment on the legality of the clause in your friend's mortgage contract.

As you know we lend on eco-renovations, so we are willing to consider a mortgage application from your friend.