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YBS product switch - interest only
Snookie12cat
Posts: 805
Forumite
Tried to rate switch at end of my fixed term and it won't let me do it because I'm on interest only and apparently I have to have a whole appointment with their advisor to receive advice, including all the incomings and outgoings 🤷♀️ I literally am changing nothing at all with the term, the loan etc
I just need to secure a new rate and I know which product I want.
Why am I unable to do this without advice when everyone else on repayment can just select it online.
I just need to secure a new rate and I know which product I want.
Why am I unable to do this without advice when everyone else on repayment can just select it online.
0
Comments
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As the number of remaining interest only mortgages diminshes. Lenders are no doubt taking a closer interest in how the debt will ultimately be repaid. Micro managing delinquent accounts is a time consuming and costly business. Lender is therefore requiring reassurance before granting you a particular new fixed term product.1
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Thanks - it just seems silly because they gave me the loan for 30 years, so its not like they can dump me, but could potentially refuse me a lower rateHoenir said:As the number of remaining interest only mortgages diminshes. Lenders are no doubt taking a closer interest in how the debt will ultimately be repaid. Micro managing delinquent accounts is a time consuming and costly business. Lender is therefore requiring reassurance before granting you a particular new fixed term product.
I only took it out 2 years ago so I doubt there will be an issue, its just painfully sitting through an hour phone call to just change my rate.0
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