Wouldn't letme change to an interest only mortgage.

uk432

Was on a repayment mortgage. Never missed a mortgage payment in last 10 years. Clear credit history. Wanted to change to interest only (£70 per month). They said no. Advised them original terms of mortgage allowed change to interest with nominal admin fee - photocopy sent. They still said no. I said bye bye. Re-mortgage to interest only approved with new lender. Now original lender says sorry will do it. I said close all my accounts and moved with new lender. Not gloating but its been a real pain.

Thrugelmir

That's business.

andyfromotley

God that must be a real pain particularly given they agreed to do it at the death.

Fortunately you have given them the only response of any note that you could by withdrawing your custom. They made a bad business decision and it cost them.

anselld

andyfromotley wrote: »

They made a bad business decision and it cost them.

... that remains to be seen.

Let_Us_See

Lenders' alarm bells always start to ring on receipt of a request to change from repayment to interest only. The OP may have a very valid reason to change and a suitable repayment vehicle already in place. However, for most, such a request is normally driven by financial difficulty.

andyfromotley

anselld wrote: »

... that remains to be seen.

Possibly, but seeing as the original lender was in the end prepared to lend i'm gonna gamble and say it was.