Halifax rental Mortgage

KEITH_2

Hi all

I was in a fixed mortagae with Halifax and due to circumstances i had to put the house up for rental.
I was given no option but to transfer the Mortgage into agreement so i could rent out the property which cost me money due to my fixed term not being up.
Due to other circumstances me and my ex partner just signed the documents and sent them back, since then i have had an accountant friend take a closer look and found that i no longer really own the property and when the mortgage term is up i will continue to make payments until i sell the house or stay there until i die.
At no stage was i informed of this detail by the Halifax and infact was pushed into this deal regardless.
What can i do to change this back or get recompense from them as i feel i have been conned.

cheers
keith

rsykes2000

Can you explain how you 'no longer really own the property' ?

KEITH_2

yes i can, i have a mortgage plan that last for 25 yrs, once i have paid this for the term agreed i then have to continue paying until i die or move house.
That means to me that when i die if i am still in the house no benefits will come go to my children, as regardless if i live there for another 40 yrs i will still have to pay rent.
It is more like a rental agreement than a mortgage

not_tonight_josephine_2

still not quite clear on what "type" of mortgage you have taken out - is it interest only rather than repayment? If so then it kind of makes sense, although I would have thought they'd still require you to repay the capital after 25 years

Are you able to give some more details from the Key Facts document which came with the mortgage?

KEITH_2

I did transfer to a Interest only to cut costs for a while, but will be going back to the normal repayment soon

I will have to dig them out for you my accountant friend has them at the moment so bare with me and i will update over the next couple of days

VIGILANT22

If you changed to an interest only, how can you say you have been "conned". You are simply paying the interest on the money borrowed and not reducing the capital sum as what happens with a repayment mortgage...Surprised your "accountant" friend wasn't aware of the different types of payment ie interest only v repayment.