The interest rate on the tracker is 1.7%.

It has always been let and I have had no difficulty paying the interest out of the rent, so I have not been in arrears.

But the 5 year interest only period is up and now the bank wants me to switch to full capital and interest which I can't afford.

Bizarrely, they have offered me the following deal in a big long letter.

There is a two page covering letter

There is then an Appendix: Important information concerning mortgage arrears

Then there are 7 pages entitled "Agreement to amend Mortgage Loan Offer letter

Then there are two pages of regulatory notices

Then there are two pages for signing

But the gist of the offer is

**"Conversion from Tracker Rate to New Interest Rate Type**

*Tracker to BTL Variable*

This form converts the interest we charge on the loan from a tracker rate which is 1.7% at present to a

**BTL Variable rate**. The BTL Variable Rate will apply for the remaining term of the Loan. At present the BTL Variable Rate is 2.7% per annum. "

In the covering letter it says "To accept the agreement please sign and return within 5 weeks... We cannot hold the offer open after that date"

What should I do? This seems like a crazy deal from my point of view, but the language of the letter makes it seem as if they are doing me a favour.