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Interest Only to Repayment...my rights to cancel, if any?.....
laylaflo
Posts: 1 Newbie
Hi
I have been on an interest only mortgage for the last 3 years, of which my fixed rate has finished and I'm now on the SVR. After paying over a quarter of my loan off in one lump, I decided it was best to go onto a repayment mortgage, I had to sign and pay a fee to do this. 24 hours after doing this in branch, I realised maybe I should of stayed on interest only and over paid, to give myself more flexibility. My mortgage lender have said I cannot now go back to interest only unless I can prove how I will repay the loan, although I have just paid a massive chunk!! Do I have any rights to cancel or should there be a cooling off period?
I have been on an interest only mortgage for the last 3 years, of which my fixed rate has finished and I'm now on the SVR. After paying over a quarter of my loan off in one lump, I decided it was best to go onto a repayment mortgage, I had to sign and pay a fee to do this. 24 hours after doing this in branch, I realised maybe I should of stayed on interest only and over paid, to give myself more flexibility. My mortgage lender have said I cannot now go back to interest only unless I can prove how I will repay the loan, although I have just paid a massive chunk!! Do I have any rights to cancel or should there be a cooling off period?
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