Agreed reduced repayments - is my tracker at risk?

P

poka

Registered User
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Hello all,
Just wondered if many people got legal advise when altering their loan agreement.
I have just been approved to pay interest and reduced capital on my mortgage.
I am paranoid as I am on a good tracker rate.


thanks a mil
 
Hi poka

No need for you to worry at all, assuming it is a home loan and not an investment property.

Under the Mortgage Arrears Code, they are not allowed to use your arrears problems to kick you off your tracker rate.

You do not need to spend money on a solicitor.

Brendan
 
Thank you Brendan ,
I got a verbal assurance that my tracker is save , however there is a clause that states that after the payment period 'you shall make such repayments at such intervals as we shall notify you in writing in order to discharge your liabilities to us under the loan agreement'.
Not sure what that means. We pay our mortgage weekly at the moment, does that mean they might change this to monthly, to suit the bank.
Thanks again
 
This just means that after the repayment period they will be entitled to calculate your repayment based on the amount outstanding and the term outstanding.

They could change it to monthly, but why would they?

I think you are worrying too much.

Brendan
 
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