A
atc2700
Guest
Background: I lost my job at the beginning of last year and was offered a new job in another part of the country. I contacted my mortgage lender about changing my mortgage to interest only, in order to let the property when I relocated.
I was advised that there were a number of things I had to do before they would change the account, including cancelling the income protection premium I'd been paying for the previous 3 years, on the grounds that it 'is not required for investment properties'. Did everything they asked and shortly after the job offer fell through, leaving me with no recourse to the income protection.
Obviously, I would have preferred to continue paying the income protection, if that had been an option. I didn't think that I had any alternative at the time but to cancel and am now feeling very stupid about not querying it.
Does anyone have any information on whether having an interest only mortgage together with payment protection is simply not permitted or could I have elected to continue payments, even if it was not required by the bank?
I was advised that there were a number of things I had to do before they would change the account, including cancelling the income protection premium I'd been paying for the previous 3 years, on the grounds that it 'is not required for investment properties'. Did everything they asked and shortly after the job offer fell through, leaving me with no recourse to the income protection.
Obviously, I would have preferred to continue paying the income protection, if that had been an option. I didn't think that I had any alternative at the time but to cancel and am now feeling very stupid about not querying it.
Does anyone have any information on whether having an interest only mortgage together with payment protection is simply not permitted or could I have elected to continue payments, even if it was not required by the bank?