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Abbey = Santander Mortgage from 4.24% to 7.59%
DPA
Posts: 3 Newbie
Hoping someone can throw some light on this! My backward twin sister's mortage has just over 9 years to go. Her husband left her 6 years ago with this massive debt plus others and I have had a nightmare of a time managing all this. But fortunately the mortgage rates going down assisted.
Now this hike will increase her premiums by an extra £130 per month yet the rates haven't increased yet???
She has been on the same flexible mortage for the entire time and as rates changed hers did of course but how can they justify this whopping increase right now?
Since mortgage is in both names and we have no idea where he is we're totally stuck to this mortage. The reality is this could put her on the streets! Even disabled she has always worked and paid her way (with our help) yet now rent would be more expensive than her mortgage and endowment.
Any suggestions/information would be greatly appreciated :money:
Now this hike will increase her premiums by an extra £130 per month yet the rates haven't increased yet???
She has been on the same flexible mortage for the entire time and as rates changed hers did of course but how can they justify this whopping increase right now?
Since mortgage is in both names and we have no idea where he is we're totally stuck to this mortage. The reality is this could put her on the streets! Even disabled she has always worked and paid her way (with our help) yet now rent would be more expensive than her mortgage and endowment.
Any suggestions/information would be greatly appreciated :money:
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Comments
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Why is the rate going up to 7.59%?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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That doesn't sound right?0
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Is Santander's current SVR really 7.59%??"You were only supposed to blow the bl**dy doors off!!"0
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Not sure why it's going up only that the Abbey/Santander transfer is the only cause. Some paperwork states Abbey still though?0
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Do you/they have some correspondence referring to this change as there appear to be no other reports of similar action on here, or elsewhere on the net?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Santander's SVR is currently 4.24%Space available for rent0
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Peelerfart wrote: »Santander's SVR is currently 4.24%
are you sure? I'm on 4.99%0 -
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Deleted_User wrote: »You must be on something other than the SVR. Current SVR is definitely 4.24%.
ok ive just read this - mortgagestrategy.co.uk/lendingzone/al-reduces-svr-for-new-customers/1012528.article - which states
"There are no changes to the SVR for any current Alliance & Leicester mortgage customers, nor are we changing the Santander SVR for new or existing customers.”"
but then someone comments :
as the A&L SVR for existing customers is not a tracker will it make us better off when the BOE base rate goes up...
is that true? how likely is it santander decides to keep its svr the same if the boe interest rates go up?0 -
I think it's safe to assume that most, if not all, SVRs will go up as soon as the base rate gives a yawn and a stretch, and starts ambling upwards.0
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