Santander sent me a letter to renew my fixed rate mortgage as from May I will be on the standard variable rate. However because a credit risk due to a few default (not with themselves) they wont fix my mortgage again so I will have to go on a standard variable rate from May. This at present is 4.,74% so my mortgage will go from £671 to £752 a month. I don't understand why they cant fix it, if im a risk surely fixing me on a fixed rate that means fixed lower payments means they can better guarantee my payments? My mortgage will stay with them regardless so why not fix it? what difference does it make if they fix me or not? Ive paid them on time every month for 6 years....... im just so confused by it and my LTV is 70%. Do I have the right to complain to them? I obviously cant move my mortgage as my credit rating is non existent. I am stuck :(
↧