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Time to find a broker and see what deals can be had elsewhere in that case, I'd suggest? However - a word of caution. If you DO get another very low rate on a fix, then start planning now for what you will do when that fix ends as those deals simply won't be about then. If I were you I'd start working towards a situation where you CAN afford to pay a lot more than you are currently.
Out of interest, in the 13 years it took us to get rid of our mortgage, the lowest rate we had at any point was 4.39%. The current very low rates are simply not sustainable for much longer so make sure that whatever product you end up with, it WILL be affordable for you when the fix finishes.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Its affordable, but a raise of 2.67% is completely unfair, I didn't put down a huge deposit to become a mortgage prisoner, especially by an awful foreign bank.0
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I hate to say it but perhaps it would have been a good plan to have thought this situation through before your wife defaulted on the card. I'm afraid with the default there the increase is NOT unfair in the eyes of the lender - you're now a potential bad risk to them. Unless you can come up with a convincing argument why the default should be removed, you now need to deal with the situation you have and I suspect chalk it down to experience. As I say, I suspect a broker and a change of lender will be the best way forwards for you, but with your current fix ending in September I'd crack on with that pretty fast if I were you. Personally I'd also look to fix for 5 years now so that by the next time you need to worry about it all the default will be gone.
A further point - it is not the "awful foreign bank" holding you "mortgage prisoner" as you put it - it's the default - unless of course the credit card was also issued by Santander? If so there's your answer about how they know about it...🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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