In the past two decades, Arifa has been taken to court and her house was nearly repossessed as a result of failing to keep up with payments But now the situation has worsened. She has gone from paying £680 per month in last year, to £1,250 a month now
Teacher Arifa Salam, 55, has had an interest-only mortgage on her home in Birmingham since 2003 but as a result of successive, is now paying a rate of 9 per cent. The average two-year fixed rate is currently 6.83 per cent.
“It was hard and I’m paying for all the extra work and all the extra hours now. I have problems with my hips. All the stress I’m sure has contributed.” They are effectively being held hostage by the mortgages they are on and unable to get a new mortgage deal because they do not meet current lender criteria, due to factors such as their age, income, or credit score.
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