On Thursday the Bank of England raised interest rates from 4.5% to 5% and there will be “millions of people facing repossession.”
Those who are on tracker mortgages are feeling an immediate impact after interest rates hiked by 0.5% and those who are on fixed mortgages are so far safe, until they come to remortgage.
Nicholas Wilson, 66, is on a standard variable rate mortgage and he told the PA news agency that he will be challenging his mortgage as he thinks “the whole thing is a scam” and he is now at the point where his pension is equal to his mortgage payments.
He said, “Last year, my mortgage was about £440 (per month), it’s now over £900 – every time the bank puts the interest rates up, my mortgage goes up,” the anti-corruption campaigner, who lives in Hastings, East Sussex.
“I’m stuck in this mortgage and I obviously can’t go elsewhere. I do get donations from some of my followers, which just about tides me over, but that’s not going to be sustainable any longer.”
Wilson has stage three prostate cancer and he is worried about possible repossession which is a “constant worry.”
He said, “I’m okay at this very moment we speak, but that will change very quickly within the next two months and then I’ll have to deal with it,” he said.
“I can’t contemplate repossession, I don’t know what I’d do if it came to that.”
He added, “[The Bank of England] has raised it 13 times now and it still hasn’t gone down.
“There’s going to be millions of people facing repossession… it’s just going to be a disaster.
“In my case, I’m going to challenge this mortgage because I think the whole thing is a scam.”
Leave a Comment