Here is the text of the letter
[FONT="]BANK OF SCOTLAND
[/FONT][FONT="]Retail, Mortgage [/FONT][FONT="]& [/FONT][FONT="]Private[/FONT] [FONT="]Banking Operations Lloyds Banking Group
PO Box 1717[/FONT][FONT="]
Pentland House[/FONT][FONT="]
8 Lochside Avenue[/FONT] [FONT="]
Edinburgh, EH129DJ[/FONT][FONT="]
1st March 2014[/FONT]
[FONT="]Important[/FONT][FONT="] information about repaying your Interest Only Full Term Mortgage[/FONT]
[FONT="]Dear Mr [/FONT]
[FONT="]Each year you receive an annual mortgage statement which informs you of the transactions on your[/FONT] [FONT="]Mortgage Account over the previous twelve months.[/FONT]
[FONT="]In line with the terms and conditions on your account, you agreed to make repayments on an interest only basis for the full term of your mortgage. Interest only mortgage repayments means that you are only repaying the interest on your account over the term of the mortgage. No capital balance is being repaid by you and once the term expires, the Outstanding Balance will become due and owing.[/FONT]
[FONT="]We recommend that you review your financial arrangements regularly with your broker or an independent financial adviser in order to ensure that you will be in a position to repay the Outstanding Balance owing at the end of your mortgage term.[/FONT]
[FONT="]What[/FONT][FONT="]are[/FONT][FONT="]your[/FONT][FONT="]options?[/FONT]
[FONT="]If you have not yet considered how you intend to repay the Outstanding Balance owing on your Mortgage Account or your repayment plan is not on track, please contact
Certus in Dublin, on 01-2675818 as soon as possible as there may be a number of alternative options available to you, including:[/FONT]
[FONT="]• Changing your interest only mortgage to capital and interest repayments[/FONT]
[FONT="]• Changing a portion of your interest only mortgage to capital and interest repayments (part interest only part capital and interest)[/FONT]
[FONT="]• Making overpayments[/FONT]
[FONT="]• Making lump sum payments[/FONT]
[FONT="]• Other options may be available depending on your financial situation[/FONT]
[FONT="]Are you already in financial difficulty with your current mortgage repayments?[/FONT]
[FONT="]Please note - [/FONT][FONT="]If you are currently in financial difficulty with your mortgage repayments and already have an[/FONT] [FONT="]alternative repayment arrangement in place with the Bank, please continue to maintain your payments in[/FONT] [FONT="]accordance with that arrangement.[/FONT]
[FONT="]Where can you obtain further advice?[/FONT]
[FONT="]If you are concerned about your ability to repay the Outstanding Balance owing at the end of your mortgage[/FONT] [FONT="]term or you are experiencing financial difficulties, the Bank advises you to seek independent financial[/FONT] [FONT="]and/or legal advice, and/or advice from your local Money Advice and Budgeting Service ("MABS") or an[/FONT] [FONT="]appropriate alternative, prior to making any decision in relation to your Mortgage Account. MASS can also[/FONT] [FONT="]offer guidance on budgeting and debt prioritisation.[/FONT]
[FONT="]MABS may be contacted at [/FONT][FONT="]www.mabs.ie [/FONT][FONT="]or through their helpline at 1890283438.[/FONT]
[FONT="]Information on State supports such as the Mortgage Interest Supplement and Mortgage Interest Relief may[/FONT] [FONT="]be obtained from [/FONT][FONT="]www.citizensinformation.ie.[/FONT]
[FONT="]
Please note that the above Outstanding Balance figure is an indication only of the amount outstanding and[/FONT] [FONT="]should not be regarded as a formal redemption figure. A full redemption statement can be requested by[/FONT] [FONT="]contacting our retail contact centre on 1800556 583.[/FONT]
[FONT="]The Bank's Lending Terms and Conditions Apply,[/FONT]
[FONT="]Yours sincerely,[/FONT]
[FONT="]For and on behalf of[/FONT]
[FONT="]Bank of Scotland pic[/FONT]
[FONT="]
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