Like Louise I also have one of these mortgages although mine runs for a few years more.Hi Louise
The loan was for 20 years.
When the term is up, you repay the loan in full.
Brendan
Well if they are relying on the terms of UK contracts and newspaper articles I think they may have a problem.I presume it's the same as their UK business
https://www.bankofscotland.co.uk/mortgages/existing-customers/interest-only-mortgages/mortgage-term-ended.html.
And from the Irish times regarding the Irish interest only loans https://www.irishtimes.com/business...extent-of-risky-interest-only-loans-1.3653279
Interesting, I have one of these also. You considering perhaps not paying it off in one lump sum, or rolling over/renegotiating terms?Well if they are relying on the terms of UK contracts and newspaper articles I think they may have a problem.
Specifically the article says, ‘borrowers are contracted to pay the principal at the end of the term of the loan’. Well I have read the contract, ( the one I signed not some UK contract) and I do not see anything to that effect.
I thought it meant that I would have to repay the loan in full after the 20 years.Cremegg
When you took out a 20 year mortgage 20 years ago , what did you think it meant?
Brendan
Interesting, I have one of these also. You considering perhaps not paying it off in one lump sum, or rolling over/renegotiating terms?
You might not have all the original documentation.I can't find any reference in original docs to what happens after the term is up?
Dear sir or madam
My mortgage account number is 12345.
Please supply copies all documentation in your possession relating to this account, including all statements issued by all providers, and all documents relating to the loan origination.
Regards
Out of curiosity, what does the contract say?Well I have read the contract, ( the one I signed not some UK contract) and I do not see anything to that effect.
I'd look for similar wording.We expect you to:
[...]
* make and keep to arrangements for repaying the capital outstanding at the end of any interest-only part of this mortgage;
* maintain regular payments on the mortgage
[..]
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