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KFI collar confusion

Lenders are getting mixed messages from the FSA, resulting in inconsistencies in KFIs, according to John Charcol senior technical manager Ray Boulger.

Halifax has sparked a row by removing information about the collar – the bottom limit set for the interest rate – on its tracker mortgage from its KFI despite it being an integral part of the mortgage contract.

Boulger says Halifax, which has been criticised since M-Day for having one of the longest KFIs at 15 pages long, is failing customers by not telling them of its 1 per cent collar.

Boulger says one mainstream lender was told at M-Day that a tracker mortgage could not have a collar as it goes against the fundamentals of tracking a rate, adding to the confusion.

Boulger says: “You go to the FSA and get one answer, go again and speak to someone else and get another answer.”

FSA spokesman Robin Gordon Walker says: “There has been a bedding-down period but we have made it clear what we want on the KFIs.”

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