Extension to Interest only period allowed?

D

doubledeb

Registered User
Messages
224
Just wondering before I ring my mort provider, does anyone know if a lending institution would extend the interest only period if circumstances haven't changed?

Basically we have been on interest only for the last 6 months and our financial situation is the same as it was 6 months ago.

Has anyone approached their lender about extending this for another 6 months and if so, what were the conditions/consequences?
 
Read up on MARP, which obliges Banks to deal with co-operative mortgage clients in accordance with their financial means. If your circumstances haven't chaged (you will be asked to complete a newFRS to prove this) you should have no difficulty in obtaining approval for a further extension of interest only. Contact the Bank ASAP & be aware that a full P&I demand by direct debit is likely to be made upon expiry of current agreement.
 
We filled out a financial statement 6 months ago and sent it off as we were about 3k in arrears. A principal and interest demand will be made? why is that?
We don't pay by DD we pay over the counter on a monthly basis.
 
You must log in or register to reply here.
Back
Top