Cheltenham & Gloucester wont allow me to move to interest only!!!!!!!!!

silvercar

maninthestreet wrote: »

If the rent covers the mortgage, why do want to switch to interest only? How can your pregnancy have any impact on whether the rent will or will not cover the mortgage?

I'm guessing, to have some income from the BTL. Maybe OP is looking at overall income and expenditure, rather than considering the BTL in isolation.

GOLFER

Hi There

I just switched my mortgage to interestonly with C+G last month, i think about the 20th Oct.

I was with C+g on a fixed for two years tried to switch to LLoyds (same Group) only to be declined on affordability and other debts. So i then changed it with C+G from repayment to interest only. No charges they waived the £77 swap over fee as i was a customer already.

So i went from 7% svr to base rate +.85% so im now at 3.85% so im happy with that deal. But i didnt know they now dont allow the change over.

It really is getting unfair.

On another point does anyone know if they have a floor rate with the C+G or is it indvidual mortgages as I cant see anything on my documents.

Thanks and good luck

Golfer

luckyfool

GOLFER wrote: »

Hi There

I just switched my mortgage to interestonly with C+G last month, i think about the 20th Oct.

I was with C+g on a fixed for two years tried to switch to LLoyds (same Group) only to be declined on affordability and other debts. So i then changed it with C+G from repayment to interest only. No charges they waived the £77 swap over fee as i was a customer already.

So i went from 7% svr to base rate +.85% so im now at 3.85% so im happy with that deal. But i didnt know they now dont allow the change over.

It really is getting unfair.

On another point does anyone know if they have a floor rate with the C+G or is it indvidual mortgages as I cant see anything on my documents.

Thanks and good luck

Golfer

C&G have no collar on their tracker mortgages.

GOLFER

Thanks luckyfool

Ive tried many a time to get an answer on this and to nio avail

i even tried calling them and couldnt get a str8 answer

Many thanks

Golfer

LandlordLee

Brit1234 you mummy's boy what a crock of sh*te. They have clearly changed policy so that they can see some capital come back in and not push people away. If that was the case they would not offer new mortgages and would certainly not have a SVR of 5%.

LandlordLee

Gorgeous_George wrote: »

This has nothing whatsoever to do with Regardless, it sounds like the OP did not have a business plan and knows little about running a business - however small. She does not seem to have a fighting fund for emergencies. Maternity leave can usually be planned some months ahead - it shouldn't be a surprise.
GG

How do you know this? You don't. Perhaps in her business plan this was the case and it seems to me she did plan ahead in calling them 3-4 months ago. How was she to know the policy would soon change?

She is asking for advice on what she can do, not have chumps telling her she is useless.

manikm

there are LOTS of chumps on this forum!

i've noticed that since day one!