Mortgage going up.. can I do anything ?

[HappyJoyful]

As with most at the moment, money is tight. I had all the correct notifications that base rate with Santander was rising - am on a standard variable rate unfortunately my credit rating is very poor and they simply aren't able to find anything better when it was renewed a few year or so back.

However, must admit to being a bit of an ostrich and assumed (as has been the case before) that the increase would be pennies, and not significant pounds. However, on finally paying attention and reading a recent letter I've discovered it's going up by over £60. With first installment 26th Nov. (just what we don't need) being a whooping £150+

Just wondering if anyone has any knowledge as to whether it's worth me trying to explain our current circumstances to Santander and will they listen? Has anyone been able to negotiate something ? I've no idea where to start and what to ask for? any thoughts appreciated

You can extend the term but check you won't get stung by an arrangement fee

thanks caerlaverock.. any idea what sort of cost that would be ? would I have to pay it up front ?

Phone the mortgage company and ask them. Arrangement fees can be 1000 but hopefully as you are just changing an existing mortgage then should waive it

Yes of course, need to get on phone to them.. just think I wanted a bit of a push that it wasn't going to be a completely soul destroying conversation!