Tied to high variable rate?

penelopeessence

I'd be grateful for any help. I have been paying Derbyshire Home Loans/Mortgage Works/Nationwide 5.45% since 2010 after I got into difficulties with debt. Since then I have always paid on time and now the mortgage has reached its term. I am happy to sell up to repay and my home is on the market. I have been granted a 12 month extension (kind of them at that rate) but I feel that I have been paying a punitive rate for 6 years because they viewed me as a poor risk (and trapped). I don't really want to remortgage here and it may be tricky because of my age. My credit rating has actually just shot up because my six year old debts no longer show on record. Is there any statutory body that regulates rates and 'reasonableness' in the same way that arrears charges etc are monitored?

Thrugelmir

Rates are set on a commercial basis by lenders. Speak to a broker to find out what alternatives are available to you now.

Dird

What do you actually want to do? You don't want to take out a new mortgage if you're planning to sell soon (which I assume is what you mean by "on the market")

penelopeessence

I do want to sell but after all this time I am wondering if there may be any redress for being ripped off for so long.

alchemist.1

Redress for being charged a higher rate for being a higher risk? Good luck with that.

minimike2

penelopeessence wrote: »

I do want to sell but after all this time I am wondering if there may be any redress for being ripped off for so long.

You have not been ripped off.

csgohan4

high risk clients mean more higher interest and that is the same for all lenders across the board and rightly so.


Low interest are for those who have larger deposits and/or a cleaner credit history.