We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Redstone Mortgage Interest Rate Increase

sharkiness
sharkiness Posts: 2 Newbie
in Mortgages & endowments
Afternoon All,

I read a post about someone having their interest upped by redstone in 2007 as it needs to be increased using the LIBOR rate. I recently recieved a notification from redstone that they intend to increase my mortgage interest rate by 0.5% every three months.

I recall when speaking with redstone when I initially got my mortgage that my interest rate after the fixed period would be 3.00% above the bank of england rate but now they are going by the LIBOR rate.

Is there anything I can do about this as I am absolutely certain they told me it would be the BOE interest rate?

This is gonna cost a fortune where I might have to get rid of our house. Any help would be greatful.

Thanks

David

Comments

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
  • 353.9K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.5K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K 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