Can Mortgage Express force me to switch my mortgage from interest only to repayment?

They have written to me to say they are going to change our interest only mortgage to repayment in approx. 5 months time. We do have a repayment plan, separate to our mortgage, but our preference is to stay I.O. for the time being. Are they within their rights to do this? Any advice gratefully received. Thanks.

Asked by adrian.banyard

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
Hello Napper

it very much depends on why you had interest-only from the outset, lenders can ask for proof of repayment vehicle and if you don't have it their terms and conditions (varying from lender to lender) might well allow them to make the change.

there was another similar question on here regarding the same lender....

http://www.simplyfinance.co.uk/answer/i-currently-have-a-mortgage-express-repayment-mortgage-but-i-have-been-paying-interest-only-the-last-couple-of-years-by-mutual-agreement-now | 03.05.12 @ 17:50
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$commenter.renderDisplayableName() — {comment} | 08.24.17 @ 01:19
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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