Along with my ex partner, I have 18 months left on an interest only tracker mortgage that was passed to Pepper from Bank of Scotland. We havent missed any payments and have paid between 10 and 15k per year off the capital each year for the past 3 years.
The house is the primary residence of my ex partner and is worth about 250k
By the time the loan is due the remaining balance should be about 120k (we will pay another 20k off the existing capital in the next 18 months)
We can’t pay the balance off when its due unless it is discounted by about 30%-with savings,some good will from relatives and maybe a small loan.
We are luckily in a position to be able to continue the payments of about 15k per annum.
Does anyone know what we might expect as a reply from Pepper if we approach them and ask to discount or extend the loan so that we can clear it over the next 5 or 6 years? We are both in our 60’s and I dont want to have to sell the home. Are they likely to offer us reasonable terms?
The house is the primary residence of my ex partner and is worth about 250k
By the time the loan is due the remaining balance should be about 120k (we will pay another 20k off the existing capital in the next 18 months)
We can’t pay the balance off when its due unless it is discounted by about 30%-with savings,some good will from relatives and maybe a small loan.
We are luckily in a position to be able to continue the payments of about 15k per annum.
Does anyone know what we might expect as a reply from Pepper if we approach them and ask to discount or extend the loan so that we can clear it over the next 5 or 6 years? We are both in our 60’s and I dont want to have to sell the home. Are they likely to offer us reasonable terms?
