C
Catch
Guest
Hi,
My spouse and I have a mortgage with Springboard, as we did not qualify for mainstream lenders - we started off with Start, and moved to Springboard, for a slightly better rate, about 2 years ago. Now, however, Springboards rates seem to be going up well above what could be justified. The latest increases were a 1% increase in April, and a 0.25% increase in May. When I questioned them, they told me the 1% was an increase in their SV rate, and the 0.25% was to match the increase in the ECB rate. Are these rises justified, and more importantly, can they keep raising their rate at will? I'm concerned that they will raise the rate to a level that we simply can't pay. We are not in arrears at present. Can I get anything done about this, or am I stuck? Any help appreciated.
My spouse and I have a mortgage with Springboard, as we did not qualify for mainstream lenders - we started off with Start, and moved to Springboard, for a slightly better rate, about 2 years ago. Now, however, Springboards rates seem to be going up well above what could be justified. The latest increases were a 1% increase in April, and a 0.25% increase in May. When I questioned them, they told me the 1% was an increase in their SV rate, and the 0.25% was to match the increase in the ECB rate. Are these rises justified, and more importantly, can they keep raising their rate at will? I'm concerned that they will raise the rate to a level that we simply can't pay. We are not in arrears at present. Can I get anything done about this, or am I stuck? Any help appreciated.