Re-mortgaging Help please!!!

summer_dreamer21

Hello, i currently have a mortgage with the alliance and leciester, which has 7 years and 10 months remaining term, along side this i have two home improvement loans, when i first took out my mortgage it was a endownment mortgage but due to unforseable circumstances, realised that with this type of mortgage a hefty shortfall would occur, sought advise from my local a/l (most unhelpful) and was put onto what i thought was a repayment mortgage, however looking at my mortgage statement summary, the mortgage type is listed as part and part????? could anyone tell me exactly what this means? have asked my local a/l but they couldnt tell me, have also telephoned head office and they have told me to put it in writing which i have done, but heard nothing, so am unsure whether the 7 years and 10 months remaining term will clear this mortgage, If i were to re-mortgage with another lender could i be charged for a redemption fee? i would rather stay as i am, only because i am very unsure about re-mortgaging with another lender, any advise would be much appreciated!!!
thankyou

brannyrhino_2

It sounds like you have a split repayment mortgage where some is on Interest only and some is on Capital & Interest although i would need more detail from the statement. A&L should be able to tell you what you have its not rocket science for them to see it.

I think you need to be assertive here and contact their complaints/compliance department and put them on notice that you are raising this as an official complaint and you want it recorded as such. You can raise a complaint verbally you do not haver to put a complaint in writing as this is discriminatory as you may not be able to write!.

Verbally state your questions and ask them for a response in 10 days.

Ask them to forward you a copy of their complaints policy.

Do not be afraid to remortgage it is simple but you have to way up the benefits because of the costs of remortgaging.

Whilst talking to A&L drop in the conversation you have been offerred a better deal by XYZ building Society and you want A&L to send you details of their current offers.