Mortgage Rates

sampler1work

I have a mortgage with the Halifax. We asked permission to miss a payment due to the heating and car packing up and they agreed. I am in an IVA and the mortgage owed is around 190K with the house value of 300K. Have never missed a payment but are just struggling to pay back the arrears. I have 5 different rates and they all came to an end last year and I have now been put on the standard variable rate. I asked to change to a fixed cheaper rate and they said no until I have cleared the 1 payment they agreed for us to miss. I cannot get a loan to clear it and would like to know if they are legally allowed to refuse to change my rate to a cheaper 1. If it was cheaper I could pay back the outstanding amount in 6 months. Any help or advice would be a great help.

AnotherJoe

Do you have a close relative who would bung you this on a promise of eventual repayment.

(and is willing to in the knowledge that with your financial issues they may never see it again , which seems quite likely ) ?

ACG

Their only obligation was to honour the initial rate(s) taken out and then to put you on the SVR.

Just a side note, but what are you going to do when interest rates rise? It might be worth thinking about that now so you are prepared for when the time comes.

Thrugelmir

sampler1work wrote: »

I have now been put on the standard variable rate.

That's the rate as specified by your contractual terms. The lender can impose any terms it wishes on switching to a new product. The lenders concerns are very obvious. Something that only you can address.