A very friendly chap is Steve and full of financial knowledge
Steve and Modus have had a lot of success in negotiating improved break terms for clients who have been sold TBLs, and his services are to be recommended.
The issue of incorporating Clydesdale's credit risk into the break cost is a very interesting one, and certainly moves it away from the "vanilla loan" rating and more into the speculation camp. Note that the 'gold standard' for such loans is linking the break cost to an index free of credit risk, e.g., gilts, and lenders which employ actuarial techniques to calculate break costs (which have been around for well over 100 years) do not impose this risk on their clients.
Clydesdale and Yorkshire break cost quotations are, in my experience, particularly opaque.
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