Yes and Yes to both questions. Who can provide me with a review of the paperwork & a definitive Yes/No?Is it a buy to let?
Does clause 7 exist?
"Clause 7: “Permanent tsb reserves the right to review the deferral of the repayment of principal at any time during the term of the loan, including the first three years of the term and may require the applicant to cease the interest-only repayment and require the repayment of principal and interest and the applicant will immediately arrange to pay the revised monthly repayment comprising the repayment of principal and interest calculated over the remaining term so that the principal and interest will be discharged within the existing term of the loan."
Hi There,There have been court cases over the clause. I can't see you getting much benefit from someone looking at it.
Have a look at the following thread. Someone who's been through the process you're now presented with:
Received a letter from PTSB saying they want to review my Buy to let mortgage and I have 10 days to reply. It is a tracker .80%, taken out July 2007, interest only for 382,000. The property at present is worth circa 360,000 and is producing a rental income. I have never missed a mortgage...www.askaboutmoney.com
Hi,Update on my post. I contacted PTSB by phone, they were looking to see if I could repay at end of mortgage. Filled out mortgage review form, included all income, proof of sufficient savings to cover any potential loss on property, proof of 2 sales of similar property from property register. Sent it all off. They came back to me within 2 days of posting by telephone. Gave me the all clear, told me there now will be 2 year reviews for remaining of mortgage. All worked out well and they did not touch my tracker mortgage or the rate.
I phoned and they were actually very helpful. They did not threaten to switch me to Capital and Interest.Hi,
I saw your post & am in the same situation - I received a similar letter with the same options. What was their focus in your communications with them by phone and did they threaten you with a switch to Capitol & Interest payments?
Hi,I phoned and they were actually very helpful. They did not threaten to switch me to Capital and Interest.