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There are many people who find themselves in my position . Interest only mortgage coming to the end and there are either insufficient funds or no funds to repay the capital sum. In my case I took out a 10 year Interest Only Mortgage ( Idon't know why it is only 10 years) I have contacted Santander a few times over the last 2 years to see if they would extend the term but they just refer you to customer services to start a whole new loan . I no longer fit any criteria to get a loan . I have never missed a payment even though I am on a very high rate compared to other lenders or teaser rates . I am now retired with a younger wife and four-year old son . I got until February 2017 to find an answer to my problem. I have read the FCA guidelines 2013 but its just guidelines and Santander doesn't wish to play ball. Anybody got any ideas?
Quick Question: Does it state anywhere in the new FSA Guidelines that in order to consider a Full and final Settlement figure, that a DCA needs to see a completed Income and Expenditure Form, in order that they can assess whether we can afford the sum proposed. Cheers in Advance