Quote:
Originally Posted by donk.
You ain't wrong.....
I don't know, I figured if your about to be bent over, at least a "hey your payment is going up xxx$" by email or phone would be a nice warning
I guess the bank does not want to look you in the eye just before they peg you for an extra grand 
Noone here, has ever read a single sentence of their 40 page mortgage contract |
I believe most banks do get in contact with you if you hit your trigger rate - I recall my mortgage guy and I just glancing through that line in the contract and I think he even said something to the effect that we shouldn't expect that to be a thing (and it really hasn't for 20+ years).
Each bank gives you different choices too - some just increase your payments with no notice, some will get you to put a lump sum down, some give you a range of options to increase your payments (to keep it to your prior amortisation or just enough to cover interest).