Is my 6.40% mortgage rate legal?

[Deleted User]

If it wasn't in your contract that you'd go on the SVR.. it'd be illegal.

Is it immoral that they're not passing down the low interest rate to their SVR customers? Yes

Thrugelmir

Trinity8 wrote: »

A friend who has been a mortgage consultant suggested the forum as she thought my mortgage company were over charging me

The interest charge levied may be high but there's nothing illegal in it.

Best to remortgage to another lender.

Don't give up with the forum. Plenty of good advice on here. You aren't the first nor the last to be looking from an easy way out of a difficult financial situation.

beecher2

Trinity8 wrote: »

As it happens I love my large beautiful country home.. I feel very proud and privledged to be able to afford live here.

Very happy for you. 'Kensington' and 'interest only' point to potential problems with credit, and affordability - if you do have concerns, I'd suggest moving to the Debt Free Wannabee forums for help with your debts. They're more inclined to say 'let's hug' than on this forum, but will give you practical help.

bryanb

Trinity8 wrote: »

This is the first and last time i shall use a forum..

A friend who has been a mortgage consultant suggested the forum as she thought my mortgage company were over charging me..

Not using the forum will be your loss, not ours.
It seems to me that someone who has been a mortgage consultant would have a basic knowledge of how they work

xyellowx

Trinity8 i would not use the forum either if i was you
i would spend my spare time reading contracts and terms and conditions of paper that i was about to sign which could result in costing me thousands

Pincher

Well, why don't we go along with Trinity8 and explore how it can be illegal.

1. She signed the mortgage contract under torture. After all, rendition was all the rage a few years back. Her human rights have obviously been violated.

2. The mortgage advisor seduced her and she had to sign the mortgage if she loved him. A clear case of mis-selling.

3. She has a congenital maths disability, so is physically incapable of associating a rate other than the fixed rate to the mortgage. Kensington discovered this disability by requesting medical background, and exploited her incapacity by inticing her with a low initial fixed rate. This is abuse of privileged information.

If you guys had sat on the Spanish Inquisition panel,
you would all be ex-communicated for coming up with an innocent verdict. Actually, I think she has done so already. :rotfl:

PasturesNew

Trinity8 wrote: »

A friend who has been a mortgage consultant suggested the forum as she thought my mortgage company were over charging me..

... and didn't have the b4lls to tell me to my face what the truth is.

neas

I was nasty.. but your while you are enjoying your 'huge home' which you say is affordable a few things counteract that point:

1. Kensington (bad credit history)
2. Shock at paying 6.4% (which isnt that high really)
3. Interest only mortgage (meaning you just living a pipe dream unless you can overpay dramatically).

Sometimes people need a slap in the face to understand they have problems. If i was you though i'd remortgage onto a 5 year fix pronto because if interest rates with BOE rise (which they will) your kensington mortgage will rise to 8-10%..... then can you 'afford' it?

Peelerfart

Alas I think we have seen the last of Trinity8, another victim of the K factor.

Who knows maybe the pheonix effect will occur and she will reappear as Trinity8.1 - the new improved version,
who doesn't listen to, "A friend who has been a mortgage consultant" and actually understands the situation for herself.

If on the other hand she is still lurking, please reread post #14 - and think about it.

kent_money_saver

she might want to google RTFM this may solve a lot of issues in life..
read the contract before you sign your life away.