INTEREST ONLY REPAYMENT

dunstonh

helpme49 said:

Just a shock to us we really never thought our mortgage was this type

This is worrying (for you) as the amount of documentation that would have been issued warning you along with the solicitors/conveyancers also issuing warnings means it should not be a shock at all.   Every annual statement would have carried a warning as well.

DullGreyGuy

Was this a mortgage or remortgage? Guessing with 10 years duration the later
Was this via a broker or direct with a bank? Guessing a broker.

Have you been fully engaged through the whole process, looked at the annual statements etc or has your husband done all of this up to now?

8 years ago it was difficult to get an interest only mortgage and there would have been lots of signs along the way even if somehow you were duped into it. Back in the day these things were much easier to do and my Mother had a real eye opener when my father died and discovered he'd cancelled his life insurance, taken out loans she didnt know about (some in joint names) etc. 

Whilst there could have been some nievity  on financial matters i suspect at least one of you was told what you were applying for etc.

MWT

helpme49 said:

Good morning, Everyone,
I am looking for some advice we have a 10-year mortgage on a flat with only 2 years left on it and my husband and I are very shocked to have just realised that it is only interest only payments...

Was this actually a regulated residential mortgage, or was this for a BTL, the way you say 'a flat' suggests it may be the latter, and that would not have been unusual and the repayment vehicle would probably have been a plan to sell the flat.

Very hard to imagine that you could have got an interest only residential mortgage 8 years ago without noticing...