Alliance Leicester/ Santander

cl_1

Help! I would appreciate some advice please. Our mortgage is £616 a month and rates are £85, we are due a change of rate. I called the lender and because we missed a couple of payments they will not look at new rates because of this but we are under review daily?! ( My husband was made redundant last year and things were very tight) We are not in arrears now. I said to the girl on the phone that this was our right to have the new rates looked at and we could be paying less but she was very rude and said we are a risk. The lender seems to not want to help us. We are stuck with them as no other lender would take us on. We put a lot of money as a deposit on the house which has all gone as the value has now dropped. I am now on job seekers so things are going to get tight again and it all seems very depressing. Mind you the sun is out this morning so things are looking up for the weather.:) Thanks for any help in advance.

Jimbo1976

Sadly whilst it seems very unfair and not very helpful. Lenders are entitled to choose what rates they offer to existing borrowers.

Is there a minimum period you need to run your mortgage satisfactorily before they will offer you another rate?

I'm sorry I can't suggest anything more helpful

Dave_Ham

Also A&L have got themselves into bother in the past through not supporting people through financial difficulty.

They are likely to switch you to interest only, but it is a bit of a game and they will only allow 6 months...

Either that, or they may switch your repayment over a longer period if either of these help with the burden...

All the best