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I had my home repossessed last year. At the height of the recession my company went under and I just about lost everything during the next 18mths. We managed (just) in 2010 to keep the house thanks to the judge and we agreed that we would pay an extra £175/mth to the payments over the full period. We were able to do this as our fixed term was just about to end meaning the mortgage shrank by about £300/mth.
I said to my wife after we left court "You watch, they're gonna start upping the mortgage soon". Sure enough within 3 months they upped the mortgage blaming the LIBOR as the problem. This happened again and again, until in 2012 The mortgage had gone from being £680 to £1150. My wife and I split in 2012 and I was struggling to keep everything together at the time.
Then in late 2012 they upped it again and it was nearly £1400 inc the extra I was paying. That was it, I couldn't cope anymore. I tried in vain to sell, but they wouldn't allow me to pay at a reduced rate whilst I tried to sell. So I left the house!
I'm slowly pulling my life together again now after a long haul and what I am trying to find out is it what they have done is perfectly legal? I knew they would do what they did, but surely it can't be legal to keep pushing up and up a mortgage rate as to make it impossible for the owners to keep up with the payments...
Any ideas anyone?
I said to my wife after we left court "You watch, they're gonna start upping the mortgage soon". Sure enough within 3 months they upped the mortgage blaming the LIBOR as the problem. This happened again and again, until in 2012 The mortgage had gone from being £680 to £1150. My wife and I split in 2012 and I was struggling to keep everything together at the time.
Then in late 2012 they upped it again and it was nearly £1400 inc the extra I was paying. That was it, I couldn't cope anymore. I tried in vain to sell, but they wouldn't allow me to pay at a reduced rate whilst I tried to sell. So I left the house!
I'm slowly pulling my life together again now after a long haul and what I am trying to find out is it what they have done is perfectly legal? I knew they would do what they did, but surely it can't be legal to keep pushing up and up a mortgage rate as to make it impossible for the owners to keep up with the payments...
Any ideas anyone?
