We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

puzzled

Options
patchy987
patchy987 Posts: 433 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
ok so i am puzzled

everyone appears to be talking about interest rate cuts yet today i got a letter from my lender saying that due to interest rate increases my mortgage will increase by 30 pound a month .???

i dont understand this, can anyone explain.
trying to lose 3 stone by end of 2014;)

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Who is your lender?

    Can you look on your offer letter and see if your rate is linked to LIBOR?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I thoguht LIBOR came down by 0.03% ??
  • patchy987
    patchy987 Posts: 433 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    i thought something like that too so i cant understand why my payment has increased
    trying to lose 3 stone by end of 2014;)
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What does your original mortgage offer letter say about your deal - section 4

    What rates does it have there?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture