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    • My main concern at the moment is to how to express claims well in a legal language, because £250 they offered feels just patronizing given that there has been everything clearly written in black and white, yet I have had to go though this damaging and humiliating experience. 
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andymr

Dealing fairly with interest - only mortgage customers who risk being unable to repay their loan

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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?

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They must treat you with forbearance are you able to make any realistic proposal to satans?

 

you could also look into possible misale of the mortgage

 

But in the long term your solution may have to be sale


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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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I see some Mortgage Lenders are offering to extend their mortgages.

The FCA guidlines says something about treating the customer fairly and coming to a reasonable solution.

I don't see why they just can't extend the mortgage. I've never missed a payment.

Also I no longer fit their criteria to get a whole new loan.

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Hi Andy,What happened in the end? We have a problem looming soon and wonder if eventually you overcame it? Thanks

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Hestia,

 

Start your own thread with more information

In particular name of lender, how long left, payment and credit file status (all up to date?)

Ages of borrowers,and percentage of equity you own

 

Some banks are providing solutions


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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I have managed to get a few 10 year interest only buy to let mortgages extended, every time the length increased so did the monthly payment.

 

It seems lenders use it as a opportunity to get more money out of you although my experience is its time consuming an stressful an outcome is not guaranteed ( but more likely to grant extension of length if lender getting increased payment), annoying thing is I do not know why they were all originally 10 year loans I would never agree to such a short length nowadays.

 

I think in those days was much easier to get re-mortgages.

 

I would say typically lenders are keen to see a portion of the loan moved onto repayment, all my loans I was not in a position to remortgage due to bad credit file.

 

So I negotiated with the existing lenders an did get advice from business debtline who were very helpful.

 

Hopefully this may help someone.

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