Change in interest rate linked to bank rate does not alter the contractual term, so statutory charge filing is not required. Where a mortgage deed or charge agreement fixes the interest rate as a specified percentage above the bank rate, a change in interest arising solely from variation in the bank rate does not constitute a change in the term of the charge and therefore does not require filing of the prescribed return under the charge filing regime.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Change in interest rate linked to bank rate does not alter the contractual term, so statutory charge filing is not required.
Where a mortgage deed or charge agreement fixes the interest rate as a specified percentage above the bank rate, a change in interest arising solely from variation in the bank rate does not constitute a change in the term of the charge and therefore does not require filing of the prescribed return under the charge filing regime.
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