Hello, I'm just looking for a bit of guidance. We currently have a mortgage with Future Mortgages with absolutely horrendous monthy payments they are at present £2097 and we live in a 3 bed semi. They rise every 3 months, they started at £1600 approx and that was 2 1\2 years ago and have gone up and up since. We have a £17797 fixed 3 yr penanly fee. Is this allowed or is there anything at all we can do.

Thank you.

Sounds like you have an adjustable rate mortgage. Try refinancing.

First may I call your attention to the guidelines on using the comment feature found here:

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Whether my answer was helpful or not, it was a factual and accurate answer. If you have a mortgage and the terms are unsuitable your options are to refinace or default.

Since you used the $ Pound symbol, I assume that you are in the UK. In the US the standard perpayment penalty is 6 months interest on 80% of the loan balance. You know by now that you have a crummy loan, otherwise why would it have a prepayment penalty. You need to find an ethical (at times an oxymoron) Mortgage Broker to review the terms (index & margin) of the loan to determine how bad it is. Then you can determine whether it is more cost effetive to refinance now and pay the PPP, or to wait until the PPP goes away. The next time, be sure that you understand ALL the terms of your mortgage before you sign the papers. I hope this helps.