panorama

lee8040

did anyone see panorama last night, it was disgusting how mortgages are given to people with bad credits etc. there was one couple who was renting a council house and decided to buy. they were told there mortgage would never go higher than what there rent was which was £400 but 3 months later it went up to £700 then up to £900. in the end they lost there home as they couldnt afford the payments.


can this be done, raising it from £400 up to £900 on mortgages payments?

herbiesjp

You might want to look at this thread:

http://forums.moneysavingexpert.com/showthread.html?t=570863

Dan_Collins_2

lee8040 wrote: »

did anyone see panorama last night, it was disgusting how mortgages are given to people with bad credits etc. there was one couple who was renting a council house and decided to buy. they were told there mortgage would never go higher than what there rent was which was £400 but 3 months later it went up to £700 then up to £900. in the end they lost there home as they couldnt afford the payments.


can this be done, raising it from £400 up to £900 on mortgages payments?[/quo

Yes there are some dodgy brokers out there, BUT they all new what was going on! Why sign it! The cook new she was telling a lie so why did she do it! Some of the blame has to go to the clients, and being a mortgage broker I would love some of this light touch regulation please!

dunstonh

can this be done, raising it from £400 up to £900 on mortgages payments?

Yes and it can happen to any mortgage on variable rates. Interest rates today are almost double what they were 2-3 years ago. So, the repayments follow that.

Rest of your stuff can be handled on the other threads so not to cause duplicate.