Hi Brendan
My mortgage was sold by Bank of Scotland to Start Mortgages then on to Pepper. I have always kept up my payments but have fallen into arrears with Pepper since the rise in interest rates now at 7.9 percent. Pepper have offered me an ARA for 9 months of the amount I was currently paying before the rise in rates. They say I do not qualify for any other option they provide. My issue is that after the 9 month ARA my mortgage will rise to 1800 per month (and whatever the interest rate is at this time) which I know will be unmanageable for me as I am the sole owner of my mortgage. I would not have qualified for a mortgage in the first place if my repayments were this high. It's such a difficult one as you get the option to fix your interest rates with a bank when situations like this occur but with a vulture fund there is just no way out.
One questionable issue I have and probably something I need to investigate is when my mortgage was sold by Bank of Scotland they said everything would remain the same however my interest rate went from a variable rate to a tracker something I am very confused about as the vulture funds refuse to give you the option to change to a fixed variable or tracker rate. A lot of us wouldn't be in this situation if they allowed us to fix the rates before they began to rise. So I am wondering how mine was changed from a variable rate to a tracker without my knowledge. Any advice on this issue would be gratefully appreciated
My mortgage was sold by Bank of Scotland to Start Mortgages then on to Pepper. I have always kept up my payments but have fallen into arrears with Pepper since the rise in interest rates now at 7.9 percent. Pepper have offered me an ARA for 9 months of the amount I was currently paying before the rise in rates. They say I do not qualify for any other option they provide. My issue is that after the 9 month ARA my mortgage will rise to 1800 per month (and whatever the interest rate is at this time) which I know will be unmanageable for me as I am the sole owner of my mortgage. I would not have qualified for a mortgage in the first place if my repayments were this high. It's such a difficult one as you get the option to fix your interest rates with a bank when situations like this occur but with a vulture fund there is just no way out.
One questionable issue I have and probably something I need to investigate is when my mortgage was sold by Bank of Scotland they said everything would remain the same however my interest rate went from a variable rate to a tracker something I am very confused about as the vulture funds refuse to give you the option to change to a fixed variable or tracker rate. A lot of us wouldn't be in this situation if they allowed us to fix the rates before they began to rise. So I am wondering how mine was changed from a variable rate to a tracker without my knowledge. Any advice on this issue would be gratefully appreciated