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interest only finishing problem
springer15
Posts: 1 Newbie
I have an interest only part to my mortgage and 3 parts repayment.
The interst only part completes 25 years next october and my endowment finishes. The problem is that the fixed rate that the bank put me on finishes next April. meaning that i am unable to pay it of without charges, and payments will still be made to a mortgage until April 2013, is this a case for compensation or just complain at the bank and demind that i should be allowed to pay it off without charges.:)
The interst only part completes 25 years next october and my endowment finishes. The problem is that the fixed rate that the bank put me on finishes next April. meaning that i am unable to pay it of without charges, and payments will still be made to a mortgage until April 2013, is this a case for compensation or just complain at the bank and demind that i should be allowed to pay it off without charges.:)
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Comments
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Stick the endowment proceeds in a high interest account and wait til April.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Did the bank (or a broker) *advise* you to take a fix until next April, or did you choose it without advice?
If you were advised, did the person giving the advice know about the endowment?
How much are you expecting to get from the endowment, and what is the fixed rate?0
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