Northern Rock Assets Management Variable Interest Rate

lisalw

I have recents gone on to Northern Rock's variable interest rate (despite being on a variable interest rate previously, which was much lower). The intrerest rate hike is to 4.79%, which means I nearly have to pay £500 more a month. This seems grossly unfair when essentially this is being imposed by the government. I am unable to change mortgage as I broke up with my partner and earn £7K pro rata under what is required in order for me to get a new mortgage. Hopefully that should change over the next year, but I can't be the only one being essentially crippled by the government? I've written to my MP today, but does anyone have any advice? is anyone else facing the problem?
Thanks

Thrugelmir

lisalw wrote: »

I have recents gone on to Northern Rock's variable interest rate (despite being on a variable interest rate previously, which was much lower). The intrerest rate hike is to 4.79%, which means I nearly have to pay £500 more a month. This seems grossly unfair when essentially this is being imposed by the government. I am unable to change mortgage as I broke up with my partner and earn £7K pro rata under what is required in order for me to get a new mortgage. Hopefully that should change over the next year, but I can't be the only one being essentially crippled by the government? I've written to my MP today, but does anyone have any advice? is anyone else facing the problem?
Thanks

The SVR is not far away from the market average. So unsure why you feel it to be unfair.

beecher2

Can't see how it is the government's fault. 4.79% is a pretty cheap rate and if it is crippling you then that's a real problem as rates will go up. I'd concentrate on having a plan to deal with rates at 8% plus, rather than writing to your MP who can do nothing to help you.

_Andy_

lisalw wrote: »

I have recents gone on to Northern Rock's variable interest rate (despite being on a variable interest rate previously, which was much lower). The intrerest rate hike is to 4.79%, which means I nearly have to pay £500 more a month. This seems grossly unfair when essentially this is being imposed by the government. I am unable to change mortgage as I broke up with my partner and earn £7K pro rata under what is required in order for me to get a new mortgage. Hopefully that should change over the next year, but I can't be the only one being essentially crippled by the government? I've written to my MP today, but does anyone have any advice? is anyone else facing the problem?
Thanks

Why is it unfair? You knew when you took the mortgage out it would revert to a variable rate.
If 4.79% is meaning you're struggling you should be looking to sell.
You are wasting your MPs time by writing to them.