how much power do PTSB have?

B

BMW Fan

Guest
I have a propety which I rent out and when the downturn hit I put the mortgage on interest only I was informed last year by the bank that the interest only term had finished and in order to keep it I must come away from the tracker mortgage otherwise it would automatically go to capital and interest ( which it did ) I didn't want to lose the tracker and im am just wondering can the bank force you to change from interest only?????
 
It seems to me that the contract is pretty clear. Interest only for x years followed by capital and repayments.

If you want to renegotiate the terms, then both sides are free to do so. If you don't pay your capital and interest you are in breach of your contract and will go into arrears. Check the mortgage contract to see if there are any penalty charges for going into arrears.

Some people are challenging PTSB's right to switch them to interest and capital in the High Court. YOu should find a thread on this elsewhere in this forum.
 
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