were you paying the premiums for the collar that you originally agreed to?
We thought we were, but no. They are rolled into the mortgage repayment itself, which fluctuates slightly anyway and the premium isn't very high since the interest rates are so low. Their new "product" that offers a far worse rate, is an upfront, non-returnable payment. So if you image that someone who has just got a 200K loan for a house after paying the 45K 15% deposit, then has to find another 19K in cash to get the collar, with no way out of the deal later. Not many takers I am sure.
Okay I see. Well that's good that you weren't actually paying for it as well.