How are mortgage companies allowed to simply increase your mortgage payments?

dunstonh · 24 February 2023 at 6:33PM

Sea_Shell said:

Quite a few of us probably remember back when every month (it seemed) you received a letter saying your monthly mortgage payments were going down... again. 😉

I was a lowly standing order/direct debit clerk in that period and most people still paid by standing order. The rates were changing within days and often the standing order amendments were coming in before the previous amendement had gone through. And back then, you couldnt so standing order amendments online (as there was no such thing as online) and you couldnt do them by phone. You had to hand the form in or post it to the bank.

I'm not sure if this is a joke post or something? You don't seem to have understood what product you have signed up for, or how it works?

Every village has one.

ytfcmad · 24 February 2023 at 7:50PM

Its half term.

FashionHeart · 25 February 2023 at 7:08PM

mikeb222 said:

So I'm forever hearing about how difficult it is to get a new mortgage or even a remortgage these days because of the "affordability checks" by the mortgage companies. And it's probably a good idea to have increased the checks. So it makes my blood boil when the same companies simply send me a letter every month stating "your mortgage payments have increased by another £50 or whatever". So how is this even possible? What if this makes my new mortgage payments unaffordable? I don't think they should be allowed to increase your mortgage payments above the "affordable" limit. The greed shown by these companies is unbelievable and people aren't doing anything to stop them, other than moaning. I'm starting a campaign to stop the mortgage companies hypocracy.

Something like interest rates comes to mind when answering this question...