Mortgage rate reduced

Q: Our 20-year fixed rate loan for our surgery had to be rearranged by our bank as it noticed the legal security was out of date due to several doctors having retired. Surprisingly, the bank decided to reduce the interest rate by a large amount without any penalty. The new rate will still be fixed for the remaining six years. Does our PCT need to be notified of this reduction in our monthly payment and will it affect our cost rent reimbursement?

by John Hearle

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