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Interest rates
activities
Posts: 15 Forumite
Good morning all,
Can anyone advise, I took out a £45.000 secured loan, via a broker to do work on my house. The loan is an interest only, as I intend to pay it off when my current fixed rate mortgage ends next year. The company, Together Finance, have increased my rate again by £30.00 per month, on a rate of 11.47.%. Since Sept last year my payments have increased from £265.00 per month to £432. I have questioned this massive increase and have been told it is because their funding costs have increased. I have previously raised a complaint against this company with the financial ombudsman re their incompetence re the advance but the ombudsman would not deal with it as I apparently have a commercial loan, although my home is not a business. Any way I can do something about these increases. Thank you julie bird
Can anyone advise, I took out a £45.000 secured loan, via a broker to do work on my house. The loan is an interest only, as I intend to pay it off when my current fixed rate mortgage ends next year. The company, Together Finance, have increased my rate again by £30.00 per month, on a rate of 11.47.%. Since Sept last year my payments have increased from £265.00 per month to £432. I have questioned this massive increase and have been told it is because their funding costs have increased. I have previously raised a complaint against this company with the financial ombudsman re their incompetence re the advance but the ombudsman would not deal with it as I apparently have a commercial loan, although my home is not a business. Any way I can do something about these increases. Thank you julie bird
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Comments
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What do the Ts&Cs of the loan say about the potential variance of interest rates during the term of the loan?1
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How did you end up with Together? Something in your make-up or an issue with the property?
Presumably the high street wasn't/isn't open to you?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Mortgage broker advised us as it was the cheapest option for interest only, my age was 60.0
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Looks like it's variable rate and a lot higher than a bank would be charging.0
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T and C state rates will go up but I wasn't expecting it to be every month.! They have notified me of an increase in Sept.!0
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So the increases are in line with what you signed up for.activities said:T and C state rates will go up but I wasn't expecting it to be every month.! They have notified me of an increase in Sept.!
You have nothing to complain about there!2
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