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Reducing Payments for 5 Year Fix?

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Comments

  • Eellogofusciouhipoppokunu
    Eellogofusciouhipoppokunu Posts: 445 Forumite
    _Andy_ wrote: »
    Because if HSBC allow them to [go onto IO] temporarily (6 months for example) they record it as missed.

    Do you have a link to HSBC T's&C's to show this? I've not heard of this before and would be interested to see how they justify it as no interest payments have been missed?
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Eellogofusciouhipoppokunu wrote: »
    Do you have a link to HSBC T's&C's to show this? I've not heard of this before and would be interested to see how they justify it as no interest payments have been missed?

    Nope sorry. I can't guarantee this is still the case but used to be for temp IO measures. Agree with you though, though I guess if you're on repayment they can claim you're breaching the contract.
  • Eellogofusciouhipoppokunu
    Eellogofusciouhipoppokunu Posts: 445 Forumite
    _Andy_ wrote: »
    I guess if you're on repayment they can claim you're breaching the contract.

    Surely not if you agree the switch to IO with the lender?
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Eellogofusciouhipoppokunu wrote: »
    Surely not if you agree the switch to IO with the lender?
    It depends how it's done.

    If it's contractually agreed I'd expect no impact on credit file.

    If it's a concession to allow you to pay less by arrangement because you're a bit skint, I'd expect it to reflect this in a negative way on the credit file.
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