Ge money

Wutang_2

Hello all,

Does anyone know if GE are being tight letting someone switch to interest only while times are hard.

My mate has a letter saying they won't consider it due to equity (75% LTV) and therefore 'sale of property' not being an adequate repayment vehicle.

Her fixed rate is up in March and she will be changing back to repayment then.

Can she change their mind? Or will they re-assess this somehow?

Any help would be much appreciated as I thought they would be a lot more helpful??

Thanks

Wu

Wutang_2

any ideas??....................

benjo

They seem to be saying that they doubt they would get their money back if they had to respossess and sell the property if your friend defaults on her payments, due to the ltv.

I dont know if they might change their mind on this, Im not an advisor and never had dealings with GE, you say times are hard - how will they be easier in March? perhaps if your friend has some kind of plan that she could share with the lender this might help - I dont know, there isnt much detail in your post.

Wutang_2

benjo wrote: »

They seem to be saying that they doubt they would get their money back if they had to respossess and sell the property if your friend defaults on her payments, due to the ltv.

I dont know if they might change their mind on this, Im not an advisor and never had dealings with GE, you say times are hard - how will they be easier in March? perhaps if your friend has some kind of plan that she could share with the lender this might help - I dont know, there isnt much detail in your post.

OK - thanks - well I think 75% LTV is reasonable enough and the SVR will be a lot lower in March + she will have less commitments in March as she will also have finished a loan (@ £200 a month).

Surely all lenders have to adhere to a certain level of TCF in situations like this?