A single mum says her children “haven’t had a childhood” because she’s been trapped forking out sky-high mortgage payments.Self-employed hairdresser Rebecca Wendel, 46, has been forced to pay an extra £91,000 to keep a roof over her family’s heads.The interest rate on her mortgage shot up after lenders including Northern Rock went bust in the 2008 financial crash.
Mortgages including Rebecca’s were eventually sold to TSB’s Whistletree mortgage brand in 2016.The company allegedly charged often higher than market average interest rates.
Rebecca, from Leeds, says her monthly payments are now £2,150, up from £1,049 in August 2022 when she was paying 6.75%. In comparison, the average two-year fixed mortgage rate today is 5.78%, while the average five-year fix is 5.34%, according to Moneyfacts.There are more than 200,000 “mortgage prisoners” in the UK and money expert Martin Lewis estimates the Government has made more than £2.4billion from selling these loans.
Law firm Harcus Parker, which represents more than 10,000 mortgage prisoners, has secured a trial at the High Court against TSB to determine whether the bank financially exploited its Whistletree mortgage prisoner customers.The law firm, which is running a no win, no fee group litigation claim, believes that if the trial is successful, it could set a precedent for all mortgage prisoners.
Read more on dailyrecord.co.uk
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