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is there any control over increase on SVR

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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?
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Comments

  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    Yes, hence the name.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Who is your lender? Why have you remained on the SVR?
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Why not remortgage and you will control the rate for a set period. SVR are not competitive at all
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • 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
    sal_III Posts: 1,953 Forumite
    Fifth Anniversary 1,000 Posts
    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • 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
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
    Changing the world, one sarcastic comment at a time.
  • mrginge
    mrginge Posts: 4,843 Forumite
    How about a crazy solution of stopping earning peanuts being self-employed and look for a full time job instead?
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