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Bank of scotland action required on interest only mortgage
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Thrugelmir wrote: »The answer given can be brought up at a later date as a statement of fact.
My response was genuine. Both as what to say to the lender and also what the OP should do.
i dont disagree. I was pointing out that whatever the response, a proverbial can of worms may be about to be opened.0 -
i dont disagree. I was pointing out that whatever the response, a proverbial can of worms may be about to be opened.
Why do you think that?
The letting of the property is an entirely different matter. Various ways this could come to light. If there's been a breach of contract little can be done now.0 -
You could answer quite truthfully that you have a plan. If they probe further then you can still quite truthfully say that the plan is to sell the property.
I had similar from a different lender and I just answered that I have a plan, there was no further question what the plan is. I was advised on here that it is a box ticking exercise so that the lenders are seen to have made sure borrowers understand that the money has to be paid back.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 -
I was advised on here that it is a box ticking exercise so that the lenders are seen to have made sure borrowers understand that the money has to be paid back.
The FCA were the instigators of the request. So not just a tick box exercise. But one that will form part of a wider framework. There's some 4 million interest only mortgage to be redeemed yet. The peak of which won't be reached until the 2020's.0 -
so what will you do in 7 years, have you been saving?Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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would you be able to transfer this to a BTL mortgae there is no equity in the propertykingstreet wrote: »If you have the equity and the rental income fits, why not remortgage to a BTL product?0 -
No. That's why I said "if you have the equity," as you'll need about 20% to 25%.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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abbeymillman wrote: »would you be able to transfer this to a BTL mortgae there is no equity in the property
Then you have the option to sell it now or in 6-7 years time and hope you can clear the mortgage with the money from the sale."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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