Jumping through hoops to go interest only

albo2002

I had a GMAC mortgage, which I originally reduced from 30 years to 19, that was sold to Webb Resolutions last year.

Because my flat is in a block that requires about £35,000-worth of work, per flat, to it within the next 12 months, I need to save money and fast.

So I today called up Webb Resolutions asking to change my term from 19 years to interest only.

But Webb Resolutions have replied saying that I have to send in a letter detailing precisely why I want to change my details (and they want a cheque for £75 even though GMAC only charged me £50 for this). They want financial facts that they will then 'consider', before getting back to me, at which point they will only give me a 'no' or a 'maybe'. If I'm lucky enough to get a 'maybe' they will then demand proof of earnings etc.

Has anyone else got experience of this? Does anyone have advice what I should say in the letter? Will the fact that I need to save money be enough?

mlz1413

I'm a bit confused by your post, your block of flats needs £35,000 of work but you haven't said how much you have to find for your own flat. Is it by an increased monthly payment to the management co?

I don't know the companies you name, but surely the agreement you signed when you took out the original loan would be the one that you are charged in accordance with? Unless you have received new T&C's since?

peachyprice

albo2002 wrote: »

I

Because my flat is in a block that requires about £35,000-worth of work, per flat, to it within the next 12 months, I need to save money and fast.

It's per flat. Must be bloomin expensive flats.

lostinrates

peachyprice wrote: »

It's per flat. Must be bloomin expensive flats.

There were reports of LA blocks with some OO flats in them seeing the OOs presented with HUGE bills for communal work. I wonder if this is the case here? That considered its highly likely that the flats themselves aren't that 'expensive' or that it will be easy for OP to find the money.

OP, no advice, just good luck