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Retention products based on new affordability rules
Comments
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They can't "un lend" the money though can they ? Make people repay ? Just put people on SVR so they have even more chance of defaulting as it's more expensive.
No they can't unlend money. However nor is there sufficient tranches of funding to give everyone a lower rate than they currently pay.
If people are struggling now, irrespective of the reason. After 5 years of record low interest rates. Then there's no hope when rates rise in the future.0 -
If you are staying with the same lender and have paid the mortgage every month PLUS overpaid on top and you are staying with that lender should be no problem getting new deal.
Would it even be worth moving lenders if you only have what £40K of mortgage debt!
£65K -£20K savings plus any overpayments you make between now and then0
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