# refused interest only/they might extend term



## Froogal (18 Jan 2011)

Hi,
Hope I found the right forum. 
im hoping to extend our tracker mortgage term from current 23 years to 30 as both of us currently unemployed-recent .bank refuse to give us interest only for 1 year!!
they are willing to extend term to 30 years but they want proof of reason?
I have savings from my redundancy last year .Can the bank refuse my request if they think my savings will suffice for payment?.can they legally request my savings statement?
our only income is my ja 750 euros/month /my girlfriends on 1 year unpaid leave-mortgage=1500/month
we are very worried they`ll turn us down 
Thanks


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## Bronte (18 Jan 2011)

Does the bank know you have savings? In any case what is wrong with using your savings to pay the mortgage.  Can you not prove you are unemployed by producing some document to the bank, it's a perfectly valid reason for requesting interest only.


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## Froogal (19 Jan 2011)

Hi Bronte,
Thanks for reply
The bank does not know about my savings,I have no trouble paying from my savings though,its just as both of us are un-employed i thought it would be automatic that they would grant interest only for a while.(savings will last only 3/4 months)
also my girlfriend took 1 year unpaid leave due to personal issues.(father passing away,work overload,micromanaging boss ,bit of bullying etc..the bank has a big problem with this as she left a job voluntary!they are seeking a valid reason why she left and this is slowing the process.even if they extend term from 21 years to 30 ,this would help as i am due bit of money mid-year.sorry for long note thanks


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## robd (19 Jan 2011)

The reality is that any changes to your payment schedule is totally up the bank.  

Legally you are required to follow the agreed payment schedule and they don't have to offer you anything.

As for legality of asking for savings etc.  It's irrelevant.  They can ask for what they like and it's up to you whether you wish to provide this or not.  It's an ask not a legal demand.  Up to them whether they give you better terms though.

Obviously it's in the banks interest to work with you to continue to service mortgage in best way possible.   Interest only is a very dirty worth in the banking community at the moment and they'll nearly do anything else but this.  Hence offer of 30 years.


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## WinWin (19 Jan 2011)

If they extend the mortgage to 30yr, will they allow you to keep the tracker?


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