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.
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?