Payment "HOLIDAY" on our mortgage...

teresa_i

Thank you. Will look into and report back.

MyOnlyPost

Whilst I appreciate that you feel this was targetted advertising no-one should ever EVER sign a financial agreement they do not understand.

Had you gone in to the bank to discuss this and they had misinformed you of what was involved or how the payment holiday worked THEN you would have a case for mis-selling. If you read a leaflet and took it upon yourself without advice to take the payment holiday then you have to accept the consequences of your decision. It is not the banks job to protect you from yourself

Sorry

getmore4less

The issue here is the bank seems to have engaged in authorised arrears on an interest only mortgage and put them to one side and let them accumulate interest.

What is needed from the op is what was on the annual statements to reflect this.

A lender probably should as a minimum capitalise the payments and recalculate the interest to avoid the debt accumulating compound interest.

fewcloudy

trollopscarletwoman wrote: »

Only one way for interest rates to go and that's up.

If you can overpay..........

Not true.

They can also go down, or (perhaps more likely) stay the same. That is a fact.

It's almost 8 years to the day that BOE interest rate dropped to 1% (a few years earlier they were over 5%).

Over these years, my god, if I had a pound for every time I heard that "there's only one way for interest rates to go and that's up", I'd be a rich man.

No-one knows if interest rates will go up/down/stay the same, anymore than they did 8 years ago.

fc