Any advice please. We are paying a whopping 11.5% interest on our mortgage. Bought house 3 years ago for around £70,000 and mortgage repayments now £753 per month, we are drowning. Every time interest rate has gone up they have put mortgage up but never ever pass on the interest rate cuts. My husband and my credit ratings are fair, but the property was originally timber framed. Feel we are being really ripped off. Also the mortgage survey was fine, no damp, roof fine etc etc so didn't have our own survey done. Within a month of moving in we were flooded and had to put in insurance claim. No damp course so walls wet and covered with black mold, rains in and electrics not safe, one room the floor has risen. Its like living in hell and no way are we going to be able to keep up these repayments. Any advice please would be so gratefully received as we just don't know who to turn to. Thank you.

You are kidding - aren't you ?

11.5% - you should be able to beat this by tons

Wish I was! Tried other companies but they don't want to know. Does the expert reply to these threads? Could do with some advice, or am I on wrong thread???!!!!

When will the expert reply to this please? Thanks.

Whilst 11.5% does seem way too high it is probably because the property is timber framed and when you bought the property you will have been limited on your choice of lender (maybe someone like GE money, blemian finance). The survey done by the lender is for their purposes only and and in the smallprint it will say you are advised to get your own independent survey done prior to purchase. You existing lender will probably not offer any better rate and you will may find it impossible to remortgage in today's market. Sorry this is not what you want to hear but can't see any other option other than sell up if this is possible.

Thank you Mr XXX - you are right on most things. However mortgage is high becasue property was originally timber framed, not now, so how can they do that. Its like saying your mortgage is high because your property used to have only one window, or used to be a derelict barn!!! Do you see what I mean?! Just feel robbed.

Your best bet is to see an independent mortgage broker who has access to all the mortgage lenders out there. You may be able to remortgage to another lender depending on how much equity you have in the property and what your credit rating is like. Who is your current mortgage lender as 11.5% does seem high even for a specialist lender.

Hello - and so sorry for my delay in replying.

I understand that you are feeling blue - especially as we are coming up to the coldest time of the year. I do agree with the last post, you do need to seek advice from a mortgage expert who will need to understand all the circumstances - who is the current Lender, what are the conditions of your current mortgage, what is your income and expenditure, what is your mortgage balance etc...If you would like one of the mortgage team here at moneysupermarket.com to give you a ring, we would be pleased to offer advice. Just drop me an email with your contact details to louise.cuming AT moneysupermarket.com .

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Louise Cuming

louise.cuming AT moneysupermarket.com

0845 345 5705

Thanks so much Louise - sending you an e-mail with contact details. Mortgage with Swift first and found by Central Capital Brokers - anyone know much about them - apart from the fact they rip people off!!!!!!!