Rebecca Wendel says her monthly payments are now £2,150, up from £1,049 in August 2022 when she was paying 6.75%.
A single mum says her children “haven’t had a childhood” because she’s been trapped forking out sky-high mortgage payments.
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. 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. Ms Wendel is not a TSB customer but will be watching the outcome carefully to see what it could potentially mean for other mortgage prisoners.
“The money would also enable me to stay where I am. At the moment I’m still 50/50 about putting the house up for sale. Part of me feels that’s giving up. But equally, I can’t afford to keep doing what I’m doing. My kids haven’t had a childhood - they haven’t been able to do things with their mother that they would normally do.”
But nine months into their deal, Northern Rock collapsed and their loan was sold to Heliodor Mortgages. Since then, she has been unable to switch to a more favourable mortgage deal.
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