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Bank Of Scotland Interest Only Mortgage Ending Soon
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Charlie_James
Posts: 4 Newbie
My RBOS Interest Only Mortgage ends in 2 months. Does anyone know or had experience as to whether they will let me continue paying for another 12 months?
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Even if they did, how do you know that would be applicable to your specific circumstances?
Why haven't you contacted them to ask (and some months back as well!) ?
I presume you have some money coming in in 14 months?0 -
Its a very complicated situation. I am in dispute with the council over a boundary, which has been on-going and I had hoped to have it sorted before now. I intend to sell but need to sort this out first.0
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Contact your lender asap. Your boundary issue isn't their concern. Contractually you are bound to settle your mortgage in 2 months. That's their starting point.0
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Have you not asked them?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Not yet, I will probably ring tomorrow. I was just trying to see if someone might know what sort of response I will get when I call them, so I can be prepared. I know it has to be done, and should have done it a long time ago but have been putting it off.0
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What's your proposal? You'll require a new mortgage, be assessed for affordability etc. Will they offer you an interest only mortgage again.
There's no certainty for the lender that the property will be sold in 12 months time. So you'll something concrete.0 -
when you say you need something concrete what do you mean exactly. I could split the property off so that I could pay them off, but will they be willing to wait until it is sold.0
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Didn't you have a repayment vehicle to pay what you owe with your interest only mortgage like an endowment or share ISA?:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Bank of Scotland and RBOS are two different banks...which is it?0
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Charlie_James wrote: »when you say you need something concrete what do you mean exactly. I could split the property off so that I could pay them off, but will they be willing to wait until it is sold.
I'll turn the question round. Don't expect them to offer you advice. Not their job.0
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