Interest Only mortgage ending in2Yrs. Renewal requ

minimike2

*edit* - Missed a post saying mortgage ends 2025.

New products do not need an affordability check when the mortgage is already in place.

Some lenders will swap the rate no questions asked. Some require further proof of the repayment vehicle depending on when the mortgage was originally taken out. Best bet will be to just ask them...

AnotherJoe

goodraw wrote: »

There are investments out there which guarantee you will get back your original investment. Not everything will turn out to be carrillion.
It's a matter of how much risk one is prepared to take- but you're taking a risk by walking out the front door everyday because you could avoid getting hit by a bus if you didn't.

Irrelevant.

So in your scenario, Nationwide now need to start vetting your investments, making sure they have the right guarantees*, making sure that 5 minutes after they see you are invested 100% in SuperSafe Money Back Guarantee Acme Fund and they loan you £180k, you dont switch it all to VeryDodgy Fund.

That is NOT the business they are in or wish to be in.

* And stand behind that so if they make a mistake and it turns out that indirectly it was indeed all invested in Carillion, they now need to refund you. Again, that is NOT the business they are in or wish to be in.

csgohan4

Banks don't micromanage their accounts or applications. Nor do they have the resources to do this, and if they did, expect higher interest rates to compensate.


It was your choice to reduce your income and increase in investments, you can't have your cake and eat it. Just like those with limited companies who choose less income and more dividends for tax purposes


The lender's role is to ensure you can afford the mortgage which is based on income, investments are that, not income.


They can go down as well as up whereas income on a permanent contract is generally stable