% above BBR

doelani

When my fixed turn finished we reverted to x% over bank base rate, cannot remember at the minute what the % is without going look at paperwork.

Should I be worried with lenders increasing their SVR ?

thanks

betmunch

Which Lender?

And what does it specifically say on your offer letter about the rate after the product period?

shortchanged_2

doelani wrote: »

When my fixed turn finished we reverted to x% over bank base rate, cannot remember at the minute what the % is without going look at paperwork.

Should I be worried with lenders increasing their SVR ?

thanks

Technically no.

But then some lenders have been known to invoke 'execeptional circumstances' clauses and sh*t on the borrower.

doelani

hi thanks for replied

Documentation says "3.29% above bank of england base rate currently ."

It is birmingham midshires, we were on a high sub prime so when our fixed trm finished out mortgage reduced by £200 a month, really cannot afford to go there again Like so many others.

The_J

You should be OK. Until the base rate rises. You need to put that £200 aside, either into the mortgage or a savings account or pay off high interest rate debt in case you find it hard to remortgage when the inevitable happens.

doelani

The_J wrote: »

You should be OK. Until the base rate rises. You need to put that £200 aside, either into the mortgage or a savings account or pay off high interest rate debt in case you find it hard to remortgage when the inevitable happens.

unfortunely since we changed from the fixed rate last year the £200 a month has been used for other things that we could not do when on the higher interest rate, like home maintaince and income reduced but thats another story we really struggled last few months on fixed rate , broke the news to hubby tonight that if our rate was to go up we would have to maybe get rid of car and share DD car, that went down really well .

oh well just have to wait and see .

The_J

Just as long as you are aware, it could be 12 months, it could be 4 years so sort things out as best you can now to leave yourself in a stronger position when things do start going back up.

doelani

The_J wrote: »

Just as long as you are aware, it could be 12 months, it could be 4 years so sort things out as best you can now to leave yourself in a stronger position when things do start going back up.

12 months from now we can cope with

thanks again