Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
Oh how I’m kicking myself !! A massive well done to Mark and the team for the victory. I only realised this whilst trying to find a solution to my problem.
The reason I’m kicking myself ? ……In 2011 I remortgaged with West Brom AWAY from my original fixed deal, which upon ending, would have tracked at +0.99% above base til end of term to a product that was cheaper for a fixed 2 yr period but then reverted to SVR !! AAAAARRRRGGGGHHH ! massive mistake.
The ONLY reason I did this was because I was assured that I would be able to take a new product after the fixed rate ended …………. The rest is History …..West Brom cease BTL and I get reverted to SVR of 6.75% and a hike of £400 pcm in interest payents…..YES , my own stupidity, but hindsight is a wonderful thing.
My gripe is BTL SVR is now 6.25% but residential SVR is 3.99% How can this be fair !!!!!!!?
I am now having to face repossession rather than losses of £3k per year after ground rent and service charges on top. West Brom have offered NO HELP at all. Can’t move mortgage or sell due to negative Equity.
Lease option sale a possibility ?
Any advice welcomed and thank you.
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