I have a fixed rate buy-to-let mortgage contract with The Mortgage Works. The mortgage was to buy my daughter and her family a place to live in, and they pay us rent. My wife and I were paying £500 a month towards this mortgage but the firm wrote to us in January saying it is now going up to £942.As we are on a two-year fix, I can’t see how this is allowed to happen. Surely this is a mistake. Can you help us sort it out please?How peculiar.
So you were understandably puzzled when you received the first letter from The Mortgage Works, a sub-division of Nationwide, announcing the amount you paid was to nearly double. It wrote: “From time to time it’s necessary for us to review the interest rates we charge our variable rate customers – for example, if the Bank of England base rate changes. And after a recent review, the interest rate on your variable account will be changing on 01 February 2023.”
However, you are not on a variable rate. You and your wife are on a fixed deal, interest-only deal, paying a rate of 1.99 until theConfused, you rang the company and after a long wait was told by a customer service staff member that it was a “general letter” and you could ignore it. You had a feeling this wasn’t correct so you wrote to The Mortgage Works – after not being able to find an email address –You didn’t hear back, then received another letter in February after the base rate went up again, now saying your payments would increase from March to £1,069.
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