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The Woolwich prevents interest only switch
mic200202
Posts: 171 Forumite
I wanted to see if anyone else has experienced problems with lenders preventing them from switching to interest only.The Woolwich says that it has stopped doing this from mid December 2008 'in order to be seen as a responsible lender'. I rather think it is an excercise in protecting its own interests than in helping its customers in these difficult times. The flexibility of interest only,even for a period is surely a crucial device to be able to use temporarily to anticipate and manage cash shortgages and events.If you know other lenders who have stopped this,or create problems for those doing so post their names here, so we can name and shame them.
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C & G and others have stopped also, and it is for good regulatory reasons.
Lenders cant win!0
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