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Has anyone else got a L&Q my choice home buy loan
Looking for others who got a (key worker loan) well it’s a equity loan with L&Q my choice home buy loan to help buy a house in 2009??
Who thinks that the amount of interest they are charging each month is going up so much every year?
What can we do about it?? Surely this can’t be right?? It’s going up so much now 4.9%! And my husbands wages as a fire fighter has not gone up in this time
Would be good to speak to others in the same situation surely it can’t keep going up and up every year especially when the House prices go up there share rises also
Who thinks that the amount of interest they are charging each month is going up so much every year?
What can we do about it?? Surely this can’t be right?? It’s going up so much now 4.9%! And my husbands wages as a fire fighter has not gone up in this time
Would be good to speak to others in the same situation surely it can’t keep going up and up every year especially when the House prices go up there share rises also
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Comments
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What do the terms say?0
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Interest charge increases each year in April, they base the increase on the previous November’s retail index plus 1% the RPI in November 2017 was 3.9% so the total percentage increase is now 4.9%0
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When we first applied they said the interest will go up with salary rises so we wouldn!!!8217;t notice the rise but his salary hasn!!!8217;t gone up it!!!8217;s frozen and this interest keeps going up0
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There is no way it could be linked to his salary. For example , if he was to lose his job, they wouldn't reduce e the interest to zero.
If the loan is becoming a burden, then you need to look at paying it off, restructuring it, or earning more.0 -
Or cut your spending so you have more to get it paid off.0
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It was probably assumed in 2009 that salary increases would keep pace with inflation, since 2010 this hasn't been the case especially for public service sector.0
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It!!!8217;s just horrible that it keeps going up and up and yet he earns the same
It definitely needs rethinking
Maybe getting a loan or a new mortgage or sell up
I am grateful that it gave us the chance to own our own home because we wouldn!!!8217;t of without it so it!!!8217;s good in that aspect but the interest just keeps rising and now we have to do something about it0 -
It maybe that in 12 months time inflation could be on the way down in which case your payments will be less?0
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