I got this mortgage through a broker and all the paperwork he originally gave me five years ago mentions nothing of a five year restriction on the interest only period.
I was also advised that if I do nothing the full capital and interest repayment will come out in six days time, So he recommended I cancel my direct debit to Ulster bank and manually pay the interest only amount. ...... I hope that doesn't get me into trouble!!!
Is The European Standardised Information Sheet not a general information sheet of no legal consequence?
Specifically the loan offer mentions interest only but nothing about a five year interest only period. I do not have any other terms of conditions.
. The illustration which they provided at the time demonstrated 25 years of interest only payments and constantly referred to Interest Only and the requirement to have a vehicle in place to repay the capital at end of term.
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