Hi All,
I took out a new interest only tracker mortgage on my apartment when we had our second child and moved to a house in 2007. The documents that I have from the bank indicate that I pay interest only for 25 years and then owe a single payment for the capital at the end of this term.
I realise that this is uncommon as I have not seen it discussed in detail on AAM, but I am keen to understand whether there are others out there who have full-term interest only mortgages.
The reason I ask is because this has recently come up in some unrelated discussions I have been having with the bank. They are currently checking into the matter, but I'm expecting them to come back and try to force me off this agreement, so I would be keen to hear whether others have successfully retained their original terms with the lender.
Thanks in advance !
I took out a new interest only tracker mortgage on my apartment when we had our second child and moved to a house in 2007. The documents that I have from the bank indicate that I pay interest only for 25 years and then owe a single payment for the capital at the end of this term.
I realise that this is uncommon as I have not seen it discussed in detail on AAM, but I am keen to understand whether there are others out there who have full-term interest only mortgages.
The reason I ask is because this has recently come up in some unrelated discussions I have been having with the bank. They are currently checking into the matter, but I'm expecting them to come back and try to force me off this agreement, so I would be keen to hear whether others have successfully retained their original terms with the lender.
Thanks in advance !