Priority Clauses Do Not Always Take Priority In Contract Interpretation
The High Court has reminded us that when there are allegedly conflicting terms in a contract the court will analyse whether the terms can be sensibly read together before considering a priority clause.
In this case the claimant Mr Alexander had a "buy to let" mortgage granted by West Bromwich Mortgage Company Limited (the "Bank")1. The Bank had sent Mr Alexander an Offer of Loan which provided that the interest on the mortgage was fixed for a specified period of time after which it reverted to a variable rate. The variable rate was described as the same as the Bank of England Base Rate plus a premium of 1.99%.
Mr Alexander was also sent by the Bank Mortgage...
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