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Interest rate increases
merary3
Posts: 3 Newbie
Hi,
I have a mortgage with Accord mortgages and have just received a letter regarding the possible increases to the interest rates.
The problem I have is I never had my interest rates reduced during the past five years, can they still increase the rate? The interest rate is 5.99% and I am scared I may not be able the make the payments. Could you give me some help.
I have a mortgage with Accord mortgages and have just received a letter regarding the possible increases to the interest rates.
The problem I have is I never had my interest rates reduced during the past five years, can they still increase the rate? The interest rate is 5.99% and I am scared I may not be able the make the payments. Could you give me some help.
0
Comments
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The lender can increase its standard variable rate when it chooses.
Ask the lender if it has any customer retention products from which you can choose, or speak to an independent broker about remortgaging to a new lender.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 -
If you are on Accord's standard rate of 5.99% you are:
Probably paying more than you need to
Exposed to any future rate rises
Get it looked at by a Professional for peace of mind.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Even though they never brought my interest rates down when the rest of the country's rates were being lowered. Can I complain to them or the FOS and get my interest rates lowered?0
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No. It's up to you to do something about it if you want a different rate.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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So after 5 years of record low interest rates you are only now realising you may have been overpaying???!
Yes, go and make a complaint and try and get some compensation for not asking this beforehand.0
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