Mortgage advice please - TMB

in_need_of_help_2

Hi all
Hoping someone can advise,
just had letter from TMB stating they are ending our interest only deal, as we have been on this through financial difficulty....
Letter dated 17th May received today, to start from 1st June - surley thats not enough notice??
They have not said what the new revised payment is yet, will write to us separately to inform re this.
Can they do this?
What do we do?

Thanks

Thrugelmir

How many months have you been on interest only?

in_need_of_help_2

years, with a arrangement tp pay since feb this year.

Thrugelmir

If you've been on an arrangement to pay. Then you haven't been making sufficient payments to cover the interest on the loan. Your debt has been growing. So your lender is now seeking payment of the arrears.

The concern for your lender is therefore that your situation could quickly spiral out of control if remedial action isn't taken.

in_need_of_help_2

Although on an arrangement to pay the full amount has been made each time????

are they allowed to do this, with this little notice? and as yet still no second letter to inicate the revised payment....

thanks