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Woolwich Interest Only
Alan_Booth
Posts: 1 Newbie
A friend & wife took, what he is adamant was an interest only, lifetime mortgage with the Woolwich in 1990. Where the interest is paid monthly and he expected the capital to be repaid from either their estate or if & when they moved. He was & is very happy with the arrangement and has paid the interest on time ever since.
Barclays/Woolwich are now telling him that the mortgage becomes repayable in 4 years time. He has written confirming his position i.e. he would like what he believes to be the arrangement to continue but they have replied restating their position & telling him the mortgage will have to be repaid. However THEY can't find any details of the original mortgage offer.
I was a non-mortgage IFA but seem to remember that the Woolwich did offer this arrangement. Any suggestions as to how he should proceed?
Barclays/Woolwich are now telling him that the mortgage becomes repayable in 4 years time. He has written confirming his position i.e. he would like what he believes to be the arrangement to continue but they have replied restating their position & telling him the mortgage will have to be repaid. However THEY can't find any details of the original mortgage offer.
I was a non-mortgage IFA but seem to remember that the Woolwich did offer this arrangement. Any suggestions as to how he should proceed?
0
Comments
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Has he got his copy of the mortgage offer?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
woolwich have a product called 'lifetime' trackers or fixed, this actually relates to the product, meaning the product is for the term of the mortgage selected at the start of the mortgage. It in no way means the mortgage is a lifetime mortgage which is something completely different and only available to people of a certain age. Unfortunately lenders are not obliged to extend the mortgage term and in fact most lenders now will not even do an 'interest only' mortgage0
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