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Interest rates going up and SPO


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In 2012 I went to court to get an eviction stopped, which happily I did.



My CMI is £348 p.m. and to make a good offer I said I could pay £500p.m., a round figure, which would clear arrears in about 8 or nine years.

There are twenty or so years left on the term.


The recent talk of interest rate rises has got me wondering though.



When my mortgage company puts my payment up do I just add that difference to my monthly payment

or do I pay the same and take longer to clear the arrears?



I expect that the company would tell me to pay more but where do I stand legally?

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You are legally obliged to pay £152 per month towards the arrears, according to the court order, so you must pay that on top of whatever your CMI is. Since CMIs fluctuate according to interest rates you have to pay whatever it is your mortgagee says your CMI is (they will notify you in advance if it goes up). If interest rates go up, you pay more than £348, if they go down, you will undoubtedly pay less than £348.

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