Hello, I have a tracker with EBS ( 22 years left) and want to move it re purchase of new ppr. I have been told by EBS i can do so at +1%. Thats fine , but the sting is that I have been told that as the new CB rules state mortgages can only be calculated up to age 65, ( my tracker was calculated re age 70), and I am aged 50, this means that they will only allow me move tracker based on 15 years (65-50) and not what is left on the tracker which is 22 years !
This obviously has a huge financial effect on repayments. Is this correct, can they change the existing terms of my mortgage ion this way ? Surely the new CB rules should not effect pre-existing mortgages ? Or is it the case that this is ineffect a new mortgage and so the rules apply ? it all seems unfair to my mind . Any thoughts please ?
This obviously has a huge financial effect on repayments. Is this correct, can they change the existing terms of my mortgage ion this way ? Surely the new CB rules should not effect pre-existing mortgages ? Or is it the case that this is ineffect a new mortgage and so the rules apply ? it all seems unfair to my mind . Any thoughts please ?