I currently have a mortgage express repayment mortgage but I have been paying interest only the last couple of years by mutual agreement now
SimplyFinance Answers is a great place to start your research, but it is not a substitute for personalised, professional
advice. Please review our Terms of Use or Sign Up to ask a question or comment on an existing question. If you would
like to speak to an expert directly, use our Adviser Search to find an adviser in your area and contact them directly through SimplyFinance.
they are forcing me to switch to repayment - can they do this? thanks
googles
1 month ago
Expert Financial Adviser Answer
Darren Smith
answered 1 month ago
unfortunately, yes.
if it was a concession to allow you to underpay rather than converting the mortgage to interest-only, they are fully within their rights to ask you to start paying capital.
its worth noting that mortgage express was an offshoot of bradford & bingley and it failed with B&B. they are no longer active lenders and for several years been offering deals to borrowers to leave them.
this might be their way of "asking" you to move to another lender.
i wouldnt jump too soon though as their rate might be an attractive one and most lenders will not allow interest only if your loan is more than 75% of the value of your home and they will expect you to show them a repayment vehicle to clear the debt.
in the past they would often accept downsizing as a repayment method, but not any more......
feel free to get in touch if you would like further assistance (but dont want to disclose too much personal data here in a public forum)
report abuse
if it was a concession to allow you to underpay rather than converting the mortgage to interest-only, they are fully within their rights to ask you to start paying capital.
its worth noting that mortgage express was an offshoot of bradford & bingley and it failed with B&B. they are no longer active lenders and for several years been offering deals to borrowers to leave them.
this might be their way of "asking" you to move to another lender.
i wouldnt jump too soon though as their rate might be an attractive one and most lenders will not allow interest only if your loan is more than 75% of the value of your home and they will expect you to show them a repayment vehicle to clear the debt.
in the past they would often accept downsizing as a repayment method, but not any more......
feel free to get in touch if you would like further assistance (but dont want to disclose too much personal data here in a public forum)