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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I have a interest only mortgage and I pay £530.00 per month

Resolved Question:

I have a interest only mortgage and I pay £530.00 per month on a variable interest loan. My rental income is £423.00 per month. When interest rates go up I will not be able to subsidise the additional interest. Do I have any recourse. The lender has not reduced the interest rate while rate are low
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
Do the terms say the interest rate is linked to anything?
Customer: replied 1 year ago.

The rate is variable. I think the loan was sold to another bank called Mars Group. It was originally with a Bank called Heritatable Bank that went into liquidation. I feel when interest rates start going up this bank can set whatever rate they choose and I have no come back.

Expert:  Ash replied 1 year ago.
It's bad news I am afraid. Unless the terms say it is linked or tracks the Bank of England base rate you have no recourse from what I can see. They are acting with their terms and conditions. Just because the Bank of England reduces their rate does not mean a lender has to,
But try complaining and see what they say, if that fails then you can try the ombudsman. They offer a free, independent service and can examine your complaint for free at www.financial-ombudsman.org.uk
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex

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