Several lenders, including Halifax, Virgin Money and Skipton, haveStuart Bache, 40, a self-employed book cover designer, has felt the full force of these financial fluctuations as he tries to successfully: “It’s our first time doing all of this and to say we’re anxious is an understatement. I am a cautiously optimistic person but knowing things may change is worrying.
They are in the process of arranging a new deal, moving from Virgin to NatWest, and incorporating their government Help to Buy loan into the new mortgage. The couple, who have two children aged five and three, were already paying £890 a month with their current agreement.“The new offer was £1,300 a month, then half a day later it had gone up to £1,500”, he said, “If we’re successful with NatWest it will mean an extra £600 per month, which is already a worry.
But if that offer is pulled and they have to pay a higher rate on another deal and interest on their Help to Buy Loan, the Mr Bache is not sure how they will manage. “I work long hours already”, he said. “Having extra work means less time with my family and more time sitting at my desk.”
Source: Loan Digest (loandigest.net)
It’s really simple, don’t overstretch yourself. Rates were higher under the last Labour government, we’ve just been lucky to have lower rates for the last 12 years or so InterestRate
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