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The mortgage works

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Due to financial difficulties the mortgage works offered me 4.6 %above base rate reviewed every three months . I’ve been paying off my arrears on top . They have offered me a fixed rate of 4.92% above base rate over two years . I cannot afford this I have been persistently on the phone to no avail either left holding cut off or person I wish to speak to unavaliable. I’m driving myself crazy . Is there anyone who could advise me on how to try and get the fixed rate offer lower than their offer of 4.92 %. I’ve been paying an agreed amount each month it’s hard but I do it I can’t understand why they offering me a much higher rate when they have full knowledge of my situation . I find it hard to find the correct words . Advise would be welcome.

Comments

  • Mark_d
    Mark_d Posts: 2,401 Forumite
    1,000 Posts First Anniversary Name Dropper
    Are these rates negotiable?  Have you tried using their website?
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    BOE base + 4.92%? So, a rate of 9.92%?

    What type of mortgage is this? You may need proper debt counselling advice from the likes of CAB or StepChange.
    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.
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    Is this a BTL mortgage? If so, then this commercial lending not consumer. 


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