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Trying to help a family member in the current rate rising environment:
Loan: c.225k remaining, c.15 years
Rate: ECB+1.5%,
Originated: BOSI c.2006/7 loan, now serviced by Pepper, I think
They are currently on interest only due to ill health and not being able to work. My questions are:
1. whether they should fix their rate now due to rising ECB rates?
2. If they do fix, could they even remain on an IO? Capital and Interest payments would not be affordable for them at this time
Loan: c.225k remaining, c.15 years
Rate: ECB+1.5%,
Originated: BOSI c.2006/7 loan, now serviced by Pepper, I think
They are currently on interest only due to ill health and not being able to work. My questions are:
1. whether they should fix their rate now due to rising ECB rates?
2. If they do fix, could they even remain on an IO? Capital and Interest payments would not be affordable for them at this time