Mortgage Changes: What are your Rights?

Questioner

3 years ago a mortgage was taken out with a bank for a period of 22 years (8 years already with another bank) This mortgage had a variable interest rate with a ceiling of up to 5.9% and was reviewed every 3 months. Now the bank wants to stop this form and I am forced to choose a fixed or variable interest period. The bank indicated that this form no longer fits into their system and wanted to get rid of it. 3 years ago the bank and I chose and signed to do this, but the bank cannot simply stop this and force me to make other choices. I would like to know if this is allowed.

Lawyer

This is indeed not allowed. The bank must adhere to the agreements and if this is no longer possible, they must compensate you for this. If another product is offered, you may not be worse off or incur additional costs compared to the current mortgage, based on your explanation. For more information or further assistance, you can contact me directly and free of charge.