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Unfair mortgage rises from Northern Rock
Comments
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Your dad was very wise. The long term average mortgage rates are around 7.5%. 10% gives you a lot of safety for the time when rates do exceed the average.When we took our first mortgage in 2004 at 4.99% my dad said to be sure to factor in being able to afford repayments with a rate of 10%.
Personally, I think the OP is posting a wind up as I doubt anyone is that stupid.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Personally, I think the OP is posting a wind up as I doubt anyone is that stupid.
Then you are a fortunate IFA indeed dunstonh - I see far more stupid complaints than this.
I would expect FOS to deem a complaint of this nature outside its jurisdiction as it is a matter of Northern Rock's commercial judgement.
The Skipton situation MAY be different - if a borrower complains that they were told the loan would not exceed a certain margin over base rate then if it can be shown to be true they would probably be forced to honour it.0
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