Interest only mortgage mistake by Mortgage Company?
Hello, I have a mortgage with a popular mortgage company, LTV is currently 35%, I have 65% equity. When it was time to mortgaged, I applied for interest only, unfortunately I was rejected due to my age & low income as I am now semi retired. When the government charter came in, I applied and got approved for interest only for 6 month only. I was sent letters confirming everything. Recently, 2 months into the interest only, I received a letter from the mortgage company confirming that my mortgage is on an interest only and I should confirm how I will repay the outstanding balance when it matures. Stating that their records indicate as of October that I am on an interest only mortgage with a balance of XXXX loan, and an expiry date of XXXX (full loan duration). I complete the form and sent back confirming that I will downsize at the loan expiry date to pay the mortgage balance. I have not heard back since I sent the letter. I am not sure if this is a mistake from the mortgage company. If it is, can I make them honour the interest only for the whole duration of the term?
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