I received a letter yesterday from Ulster bank saying my five year period of interest only is ending on my buy to let mortgage. The letter gave me exactly 7 days notice of a 1150 Euro increase in the mortgage from Interest only to capital and interest. I am furious how can anyone expect to find €1150 extra the week before Christmas. They did apologise and said they should have given me one months notice.
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. 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.
I was advised by someone in Ulster bank mortgages to write in and apply for an extension to the interest only petiod. I have done this but I do not expect this letter to be looked at until after the Christmas 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!!!
The mortgage is an ECB tracker at 0.75% above ECB. I do not want to lose this rate at any cost.
Has anybody else gone through this with Ulster bank and have you successfully negotiated an increase in the interest only period?
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. 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.
I was advised by someone in Ulster bank mortgages to write in and apply for an extension to the interest only petiod. I have done this but I do not expect this letter to be looked at until after the Christmas 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!!!
The mortgage is an ECB tracker at 0.75% above ECB. I do not want to lose this rate at any cost.
Has anybody else gone through this with Ulster bank and have you successfully negotiated an increase in the interest only period?