Bank of Scotland (Pepper) Requesting Info on IO mortgage

C

cremeegg

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I have an IO mortgage with B of S now Pepper. It is IO for 25 years, of which 13 have elapsed.

They have now written to me requesting 'details of my plan to repay the remaining capital balance due on maturity'. There has never been a missed payment on the mortgage.

I must say I find this extraordinary, while I can understand that they would like to know my financial situation I think it is a cheek to ask, what next, will they ask for details of my health.

My intention is simply to ignore the letter. My question is, does any see any aspect of the matter that perhaps I have not considered, is there any reason why I should not ignore their letter. Is there perhaps some Central Bank requirement that means I will have to sacrifice my first born if I don't share with Pepper.

Thanks for any insights.
 
Yes, it's a Central Bank requirement.

If they turn to you in 12 years and ask you for the money, you could have got on to Joe Duffy to say that they never told you that you would have to repay it.

Just write back and say -" the property will be sold and the mortgage redeemed at maturity. If you would like it repaid earlier, then make me an offer"

They won't make you an offer, but at least you will have it on record.

Brendan
 
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