end of term dilemma

Thrugelmir

euge595 wrote: »

I'm more interested in what action they can or may take If I simply tell them I can't afford to convert the full mortgage to repayment

Start planning to move now. You'll lose any fight legally. Because the contractual terms stand. The bill will be yours to pay. Hopefully they will grant an extension to allow you to do this. Bring proactive will aid your cause. Far more than simply digging your heels in.

euge595

I fear you're right but the contractual terms are not clear, the original offer letter states you require a mortgage of £130,000 for 11 years which is 2020, but the end terms per sub account were never changed.

euge595

What route can they take?

euge595

I raised the issue at the time and was assured it was just an admin error and would be rectified.

glosoli

I cannot see how they can just force you onto Capital and Interest, but furthermore unless you can prove otherwise, they are expecting full repayment of those segments when the term is finished. You can either continue negotiating with them to see what other solutions they can come up with, but if that route is exhausted with neither side satisfied then they could begin action to possess the property.