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Turnbull2000

Borrower Rate Panic On Mse

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http://forums.moneysavingexpert.com/showthread.html?t=563588

I have a mortgage with kensington. Initially I was on a discounted rate for one year but I cannot keep up with their increases. I know they follow a different rate to the bank of england, but no one seems to be able to explain the constant rises. I have a mortgage for approx £116,000 on interest only
1st June 2006. Rate 5.15%. Monthly payment £493.19

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1st September 2007. 8.90%. Monthly payment £871.79

Edited by Turnbull2000

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I have a bit of sympathy for the poster as she's not really whining or complaining, just asking for options.

It's the LIBOR glacier that'll start taking down the market at the edges initially.

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You have sympathy for the borrower.....

Well i dont....

A 1 year interest only option....

Asking for trouble

If you cant afford repayment a morgage isnt for you...

Its the posters fault that the housing bubble has boomed with idiots unable to think financially buying houses with money they will never be able to afford in markets they will never understand..

Hope she enjoys repossession as a lesson not to be foolish

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1st June 2006. Rate 5.15%. Monthly payment £493.19

1st September 2006. Rate 5.50%. Monthly payment £529.03

1st December 2006. Rate 5.75%. Monthly payment £553.28

1st March 2007. Rate 6.05%. Monthly payment £584.44

1st May 2007. Rate 7.80% (end of one year discount rate )Monthly £754.59

1st June 2007. Rate 8.10% . Monthly payment £787.51

1st September 2007. 8.90%. Monthly payment £871.79

:o all interest only too :blink: , i wonder how much the've actually saved to buy the house , hmmmmmmm ............my guess is £ 0.00 , long odds on here for a future repo , what a muppet ........ they never stood a chance .

Edited by grey shark

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You have sympathy for the borrower.....

Well i dont....

A 1 year interest only option....

Asking for trouble

If you cant afford repayment a morgage isnt for you...

Its the posters fault that the housing bubble has boomed with idiots unable to think financially buying houses with money they will never be able to afford in markets they will never understand..

Hope she enjoys repossession as a lesson not to be foolish

It was only £116k, she could easily afford it before splitting up. There are people out there who deserve contempt (mainly BTLers and holiday home owners) but this is someone who took out a mortgage they could afford (at the time) for somewhere to live. Yes, I have sympathy for her.

Many thanks to all who replied.

My situation has changed since i took out the original mortgage, I split up with my husband, hence the mortgage is less affordable now. I am tied in with kensington for another 18 months. I can come away from them, but with a £7000 early repayment fee. I have heard that the LIBOR rate has come down, but whether Kensington will reduce my rate is another matter.

I am already doing everything to earn extra income, selling on Ebay, mystery shopping, extra hours at work, Avon. I cannot do much more without my 2 children suffering. I just work till 3pm most days so that I dont have to use child care.

As pointed out, I am more concerned with the lack of other lenders available to me because of my situation. Selling the house is a last resort, hopefully it wont come to that.

Thanks once again everyone. Guess who wont be having a variable rate again !

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I do have some sympathy- she has to pay for her mortgage without her husband's income and she has 2 kids to support

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1. Who is the ring telling her to go for misselling - he's telling her to make it up even if she was not missold - he HAS to be a scouser..... :)

2. She was married, they are subprime, they are presumably both on the mortgage, she has two kids, he's gone and stopped paying the mortgage - I think we can see what the fundamental problem is - a man not paying his way or his dues if only to house his kids.

3. she took a discounted 1 year rate, it's not gone up that much from the subprime SVR there as before - don't tell me - she did not read that bit. Plus 116K on an interest only - so give us a clue, how did she intend paying it off at all, or was it purely a gamble on increased equity..... - or was she actually smart and relying on hyperinflation to erode her debt ?

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