Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Happie
    • By Happie 10th Feb 18, 11:20 AM
    • 7Posts
    • 0Thanks
    Happie
    Has anyone else got a L&Q my choice home buy loan
    • #1
    • 10th Feb 18, 11:20 AM
    Has anyone else got a L&Q my choice home buy loan 10th Feb 18 at 11:20 AM
    Looking for others who got a (key worker loan) well itís a equity loan with L&Q my choice home buy loan to help buy a house in 2009??
    Who thinks that the amount of interest they are charging each month is going up so much every year?
    What can we do about it?? Surely this canít be right?? Itís going up so much now 4.9%! And my husbands wages as a fire fighter has not gone up in this time
    Would be good to speak to others in the same situation surely it canít keep going up and up every year especially when the House prices go up there share rises also
Page 1
    • zx81
    • By zx81 10th Feb 18, 11:27 AM
    • 15,491 Posts
    • 16,416 Thanks
    zx81
    • #2
    • 10th Feb 18, 11:27 AM
    • #2
    • 10th Feb 18, 11:27 AM
    What do the terms say?
    • Happie
    • By Happie 10th Feb 18, 12:55 PM
    • 7 Posts
    • 0 Thanks
    Happie
    • #3
    • 10th Feb 18, 12:55 PM
    • #3
    • 10th Feb 18, 12:55 PM
    Interest charge increases each year in April, they base the increase on the previous Novemberís retail index plus 1% the RPI in November 2017 was 3.9% so the total percentage increase is now 4.9%
    • Happie
    • By Happie 10th Feb 18, 12:56 PM
    • 7 Posts
    • 0 Thanks
    Happie
    • #4
    • 10th Feb 18, 12:56 PM
    • #4
    • 10th Feb 18, 12:56 PM
    When we first applied they said the interest will go up with salary rises so we wouldn!!!8217;t notice the rise but his salary hasn!!!8217;t gone up it!!!8217;s frozen and this interest keeps going up
    • zx81
    • By zx81 10th Feb 18, 1:25 PM
    • 15,491 Posts
    • 16,416 Thanks
    zx81
    • #5
    • 10th Feb 18, 1:25 PM
    • #5
    • 10th Feb 18, 1:25 PM
    There is no way it could be linked to his salary. For example , if he was to lose his job, they wouldn't reduce e the interest to zero.

    If the loan is becoming a burden, then you need to look at paying it off, restructuring it, or earning more.
    • DCFC79
    • By DCFC79 10th Feb 18, 1:30 PM
    • 30,925 Posts
    • 19,557 Thanks
    DCFC79
    • #6
    • 10th Feb 18, 1:30 PM
    • #6
    • 10th Feb 18, 1:30 PM
    Or cut your spending so you have more to get it paid off.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • venison
    • By venison 11th Feb 18, 3:27 PM
    • 1,617 Posts
    • 1,731 Thanks
    venison
    • #7
    • 11th Feb 18, 3:27 PM
    • #7
    • 11th Feb 18, 3:27 PM
    It was probably assumed in 2009 that salary increases would keep pace with inflation, since 2010 this hasn't been the case especially for public service sector.
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.
    • Happie
    • By Happie 11th Feb 18, 5:11 PM
    • 7 Posts
    • 0 Thanks
    Happie
    • #8
    • 11th Feb 18, 5:11 PM
    • #8
    • 11th Feb 18, 5:11 PM
    It!!!8217;s just horrible that it keeps going up and up and yet he earns the same
    It definitely needs rethinking
    Maybe getting a loan or a new mortgage or sell up
    I am grateful that it gave us the chance to own our own home because we wouldn!!!8217;t of without it so it!!!8217;s good in that aspect but the interest just keeps rising and now we have to do something about it
    • venison
    • By venison 11th Feb 18, 8:29 PM
    • 1,617 Posts
    • 1,731 Thanks
    venison
    • #9
    • 11th Feb 18, 8:29 PM
    • #9
    • 11th Feb 18, 8:29 PM
    It maybe that in 12 months time inflation could be on the way down in which case your payments will be less?
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

998Posts Today

7,662Users online

Martin's Twitter
  • RT @brendyeire: @MartinSLewis A good bit more. Would have eaten more ten years ago, but was a student then. Now working FT and can afford m?

  • RT @twikki: @MartinSLewis Quit meat in January and saved about £50-100 a month on my shopping and eating out. Feel a lot healthier about my?

  • Today's twitter poll: How much meat & poultry do you eat now compared to ten years ago?

  • Follow Martin