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Old Interest Only Mortgage

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I'm being pestered by the Lloyds Mortgage department to prove how I will repay my Interest Only mortgage in 5 years' time.

 

There is nothing in the original agreement which says I have to provide proof during the currency of the agreement ( I am aware that nowadays they want the proof before even giving an interest only mortgage but that certainly wasn't the case 10 years ago )

Any thoughts on the legal position ?

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There is none

Just pressure from the FCA to all banks to ensure their customers have plans in place

Safe to ignore then


..

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I thought so, thanks

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Just pressure from the FCA to all banks to ensure their customers have plans in place

Safe to ignore then

 

The banks are right in asking that there is a plan in place to repay the capital on an interest only mortgage. They have a duty of care towards the customer (and the shareholders) or run the risk of having to repossess once the mortgage has run its term. The FCA is well aware that there is a problem on the horizon as these mortgages reach maturity and the customer has failed to make provision to repay the capital.

 

If the OP doesn't have investments in place that will cover the capital repayment, now is the time to engage with the lender and try to avert a future repossession.


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