Im just looking for advice i bought an investment property in 07 i checked my contract which expired after 60 months on interest only at the tracker rate and recieved a letter when it was due that my new repayments would be 1000 from 260 very little information on this letter i managed to extend the interest only for a further 2 years which was a option i had which i didnt know i checked my contract and basically it states
"loan type ltd ED L/T ECBR + 0.90% FOR term 100% LTV Interest only"
and another part
I/We fully understand that any outstanding debt owing (weather owing now or i the future) to First Active Plc. by me at any giving time is secured on the property the subject of the Tracker Mortgage and must be repaid in full before the relevant title deeds can be returned or the relevant mortgage deed released.
So maybe im clutching at straws here i just never got offered a option when they sent the letter out and rang and rang for days to get a option and eventually i was told i could extend for 2 years just looking to see is it a option i should be switched to a tracker or has to be variable.
"loan type ltd ED L/T ECBR + 0.90% FOR term 100% LTV Interest only"
and another part
I/We fully understand that any outstanding debt owing (weather owing now or i the future) to First Active Plc. by me at any giving time is secured on the property the subject of the Tracker Mortgage and must be repaid in full before the relevant title deeds can be returned or the relevant mortgage deed released.
So maybe im clutching at straws here i just never got offered a option when they sent the letter out and rang and rang for days to get a option and eventually i was told i could extend for 2 years just looking to see is it a option i should be switched to a tracker or has to be variable.