is there any control over increase on SVR

lifegoeson2013

I was on a fixed rate which finished in April 2017. Since then my mortgage provider has put me onto SVR and added 3 increases in a year! Are they allowed to just whack the rate up whenver they feel like it?

ViolaLass

Yes, hence the name.

Thrugelmir

Who is your lender? Why have you remained on the SVR?

ACG

It sounds like you are maybe with an adverse lender? Is your rate linked to libor rather than the bank of england base rate?

Libor fluctuates a lot more than the BoEBR so that is probably why you are seeing increase, you may notice a drop next time as it seems like the likelihood of the base rate going up this year is slim.

You can potentially tie in to a new deal if available or you can switch lenders if your credit/income will fit with a new lender?

csgohan4

Why not remortgage and you will control the rate for a set period. SVR are not competitive at all

lifegoeson2013

I'm with a specialist lender (Precise) because when I took the mortgage I only had 2 year's accounts - I'm self-employed and my business income isn't enough to remortgage (I've tried). I also have some debt so I've consulted with a debt adviser who concluded I need to sell my home or go bankrupt - this is not an option as I have a lot of equity in my house. Due to market conditions I can't sell up until I find a rental place first, my house will sell quickly, they always do where I live. I cannot find a rental place as I have 2 cats and I'm self-employed. I am also looking for a cliff edge...
Another thought was to sell my house directly to a landlord for the valuation price then rent it from them. Not sure if this is possible - end of the day I have to sell up and I have to live somewhere.

sal_III

lifegoeson2013 wrote: »

I cannot find a rental place as I have 2 cats and I'm self-employed.

The cats can be problematic, but the self-employment shouldn't be. Every estate agent / LL I have used in the past 5-6 years has been happy to accept latest SA302 as proof of income.

Thrugelmir

lifegoeson2013 wrote: »

Due to market conditions I can't sell up until I find a rental place first, my house will sell quickly, they always do where I live.

Still takes some time. Not an instanteous transaction. Might not be easy. At the end of the day everybody involved in the transaction has to compromise. Making excuses won't get you on the road to recovery.

lifegoeson2013

sal_III wrote: »

The cats can be problematic, but the self-employment shouldn't be. Every estate agent / LL I have used in the past 5-6 years has been happy to accept latest SA302 as proof of income.

Trouble is my SA302s don't show enough income for cover my remortgage and to clear the debt. Reason my self-employed income is so low is because I was temping to get recent work experience on my CV so I was working full-time for 18 months and running my business at night. They don't take temp income into account and I couldn't run my business at 100% so had to reduce my stock lines :-( I feel so stupid for not figuring this out. Rock and a hard place!

stator

You could always put an ad in the local paper to sell your house to a landlord with you as a tenant. There are some people who will find that appealing, it's just a case of finding them.

mrginge

How about a crazy solution of stopping earning peanuts being self-employed and look for a full time job instead?