Dentist 'crippled' by £3k a month mortgage charge
Published: 12 Nov 2012 09:301 comment
Teresa Day, who owns Appledore Dental Surgery in Binfield, has not paid herself a wage for the past year and has had to invest her savings into her business, after being hit with an unexpected £3,000-a-month fee from her bank.
In 2007 she took out a £750,000 fixed-rate mortgage and loan and her bank recommended a 'cap and collar' protection scheme to safeguard against rising interest rates.
But when interest rates crashed in 2008, Dr Day claims that - in addition to the relatively high rates she was now paying - the bank started introducing a £3,000 a month charge for the protection scheme.
To read our interview with Dr Day, pick up a copy of the Bracknell News - out now.