Hi,
so I am on a variable rate mortgage and have reduced my term to 15 years from 31 remaining over last few years with lump sums. Now I find myself in situation where I need to extend the term back out to reduce payments during a fixed time period (6 months).
I applied to bank and they sent letter stating that this is possible but they want me to sign a deeds of assignment to put my life cover over to them and witness it. I am unsure of what this means.
My life cover is with another company and is unchanged from when I took out mortgage.
Should I hesitate before doing this? I am reading alot of how banks are sneaking in changes of conditions when people are chnaging their mortgage terms. So I want to ask aboutmoney.
Cheers
so I am on a variable rate mortgage and have reduced my term to 15 years from 31 remaining over last few years with lump sums. Now I find myself in situation where I need to extend the term back out to reduce payments during a fixed time period (6 months).
I applied to bank and they sent letter stating that this is possible but they want me to sign a deeds of assignment to put my life cover over to them and witness it. I am unsure of what this means.
My life cover is with another company and is unchanged from when I took out mortgage.
Should I hesitate before doing this? I am reading alot of how banks are sneaking in changes of conditions when people are chnaging their mortgage terms. So I want to ask aboutmoney.
Cheers