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 payment.
They have given me 3 options: change to capital and interest mortgage, move to part capital and interest or Interest only until next review date.
I want to stay interest only at all costs. I have to produce my financial records to prove that I have a plan to pay off mortgage at final date which is in 2032. Ultimate plan would be I could sell property in 2032 and repay the mortgage. Will they accept this plan? Can they make me change to another type of mortgage? Can they increase my present tracker rate? Any assistance would be appreciated.
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 payment.
They have given me 3 options: change to capital and interest mortgage, move to part capital and interest or Interest only until next review date.
I want to stay interest only at all costs. I have to produce my financial records to prove that I have a plan to pay off mortgage at final date which is in 2032. Ultimate plan would be I could sell property in 2032 and repay the mortgage. Will they accept this plan? Can they make me change to another type of mortgage? Can they increase my present tracker rate? Any assistance would be appreciated.