Mortgage increases can hit people differently depending on their circumstances, even small increases can tip people over the edge.
My wife used to work for one of those horrible mortgage companies in Yorkshire named after a town beginning with H! Get your maps out [do they still make them] if you can't work it out lol.
Anyway..... for people who have fixed rate mortgages that are coming to an end and may be worried about going on to standard variable rates PLEASE PLEASE PLEASE look at the small print in your contract. Many lenders did not forecast that the base rate would fall so low so they have clauses in their fixed rate deals so they put in clauses saying you will transfer to a rate of say 0.95% plus base rate!
This happened to me but as the wife was aware of this so when I checked my contract with THE WOOLWICH it said I would be transferred to the base rate plus 0.95%.... so 1.45% for me.... HAPPY DAYS
Did THE WOOLWICH ever tell me .... NO they offered me another fixed rate!! Very naughty and really shows how much banks care for their customers.
Please pass this tip on to anyone you know. I have helped lots of friends and they have spread the word. For those who offered to buy me a pint I have collected £5 off them and donated it to SHELTER!!
So as they say UP THE BANKERS.....literally!