The terms and conditions that apply to your mortgage contain a clause that, in the event that we cannot determine LIBOR as set out in your terms, allows us to set LIBOR at whatever reference rate we may reasonably consider appropriate in light of the market circumstances then prevailing.
The terms and conditions that apply to your mortgage may also contain a clause which allows us to vary the reference rate of your mortgage in certain circumstances, such as to allow us to administer the mortgage more efficiently, to reflect market conditions or to take account of a decision by a regulator. As such, we wrote to you last year to notify you of a variation to the terms of your contract.