Hi,
I'm looking for a little advice in regards to a split mortgage who is with Pepper Finance and how others are coping.
Like anyone else who is with Pepper, I have had 3 interest rate hikes since last Nov, with the last hike bringing the interest rate up to 7.5% and obviously this is going to increase another few times this year
I have yearly reviews with Pepper, and my last one was about 6 months ago where it was agreed upon what I could afford to pay each month. (That's another issue I have, my mortgage was moved from PTSB and PTSB stated in a letter that they would review my circumstances at least every 3 years, yet I have Pepper reaching out to me every year. I told them last April, that there was no need for me to complete SFS as my circumstances hadn't changed, they said that's ok and would mark it in the system, yet a few months later another SFS came out, and I told them I wasn't to fill one out, but they insisted on me filling it out.)
With these interest rate increases, it's a real struggle to ensure I'm paying the agreed amount each month, money from government for electric is helping me a bit and then cutting back on social things in my life which is not sustainable in the long term (no holidays, cutting out on going out to cinema or socialising, etc - being a single mum, to keep your sanity, need these little things in life)
I contacted Pepper about this, and they said there is no options for me (as they can't extend the term of the contract, as mortgage is due to term when I am 71), only thing I can do is contact MABs or go into Mortgage to rent scheme which I don't think I would want as I want to keep my home.
Also, I'm afraid if the interest rates come back down in the future, they will see I can afford to pay more and will want me to agree to move money from the warehouse (0% interest) into the active account
I appreciate your thoughts on opinions on this.
Thank you
I'm looking for a little advice in regards to a split mortgage who is with Pepper Finance and how others are coping.
Like anyone else who is with Pepper, I have had 3 interest rate hikes since last Nov, with the last hike bringing the interest rate up to 7.5% and obviously this is going to increase another few times this year
I have yearly reviews with Pepper, and my last one was about 6 months ago where it was agreed upon what I could afford to pay each month. (That's another issue I have, my mortgage was moved from PTSB and PTSB stated in a letter that they would review my circumstances at least every 3 years, yet I have Pepper reaching out to me every year. I told them last April, that there was no need for me to complete SFS as my circumstances hadn't changed, they said that's ok and would mark it in the system, yet a few months later another SFS came out, and I told them I wasn't to fill one out, but they insisted on me filling it out.)
With these interest rate increases, it's a real struggle to ensure I'm paying the agreed amount each month, money from government for electric is helping me a bit and then cutting back on social things in my life which is not sustainable in the long term (no holidays, cutting out on going out to cinema or socialising, etc - being a single mum, to keep your sanity, need these little things in life)
I contacted Pepper about this, and they said there is no options for me (as they can't extend the term of the contract, as mortgage is due to term when I am 71), only thing I can do is contact MABs or go into Mortgage to rent scheme which I don't think I would want as I want to keep my home.
Also, I'm afraid if the interest rates come back down in the future, they will see I can afford to pay more and will want me to agree to move money from the warehouse (0% interest) into the active account
I appreciate your thoughts on opinions on this.
Thank you