Mortgage Meetings

Jagwar

What are the rules when it comes to making a change to a mortgage Monthly Payment. I understand if you are requesting a new mortgage then you need to go through the full blown meeting to ascertain that you can repay. However, I am already overpaying every month on my mortgage to get it paid of quicker but have now decided I want to change from my half interest half repayment to all repayment. I am told by my mortgage provider that the monthly payments will be less than I am paying now although I still want to pay back the same as I am doing now. I thought this was going to be a quick, fine we have done that for you, but no. They tell me I have to have a one and a half hour meeting in a branch as this is a government ruling to ensure I will be able to afford to pay back the money.


Does anyone on this forum know if this is correct or a load of ??????


Thanks

kingstreet

Some lenders are viewing a change of repayment method, or a change of term as an alteration requiring an affordability check.

If your lender is doing that, you appear to have no choice but to go along with it.

The FCA does not tell lenders how to do things. It tells them that it expects them to address certain issues and leaves it to them to how they satisfy that requirement.