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Interest only mortgage
doris1420
Posts: 14 Forumite
Hi,
I have an interest only mortgage with the Bank of Ireland.(BOI)
The loan was taken out in 2005, for a 10 year term. The loan term is now up.
I have approached the BOI with a request to extend the loan for 5 more years, but this was refused,
I made a request for a new loan based on a part interest/Part repayment but this was also refused.
The only advice regarding the mortgage I have had from the BOI is that the mortgage term is up, therefore the loan is due for repayment, and that I should seek independent financial advice regarding my options.
Their stance seems to differ from their own published literature and government guides about treating customers with interest only loans fairly.
Has anyone any experience of this type of situation?, any information or guidance greatly received
Thanks
Doris
I have an interest only mortgage with the Bank of Ireland.(BOI)
The loan was taken out in 2005, for a 10 year term. The loan term is now up.
I have approached the BOI with a request to extend the loan for 5 more years, but this was refused,
I made a request for a new loan based on a part interest/Part repayment but this was also refused.
The only advice regarding the mortgage I have had from the BOI is that the mortgage term is up, therefore the loan is due for repayment, and that I should seek independent financial advice regarding my options.
Their stance seems to differ from their own published literature and government guides about treating customers with interest only loans fairly.
Has anyone any experience of this type of situation?, any information or guidance greatly received
Thanks
Doris
0
Comments
-
They have to treat you fairly, but that doesn't automatically mean they have to offer a new mortgage.
What was/is your plan to repay the capital ?
What was the reason for refusal of a new loan ... affordability ? If so we need to know what the relevant figures are ?0 -
Is your BR and subsequent repossession/ default still on your credit file? This will have a significant impact on the options open to you.0
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