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Mortgage renewal: misunderstanding or tactic?

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  • Mortgage renewal: misunderstanding or tactic?

    I wanted to delete the thread as my story sounds redundant from my previous thread, but it seems I can't.
    If you could remove this, that would be great.
    Thank you.
    Last edited by nano; 15-11-2017, 01:38 PM.

  • #2
    Originally posted by nano View Post
    We initially thought we have interest only for 3 years. Now, I found that interest only is only for 1 year and the rest is P & I. I asked to change for 3 years, but the banker says it is for one year and we can talk about it after that. I never recall that she said that way. It was for 3years interest only when i talked about it.

    There is no updated contract.

    What I don't like about is because this seems not right. If I knew from the beginning, that is fine. But, this is not the case.

    Is it difficult for them to change once mortgagee is set up? Is this the reason why she won't change it to 3 years? I wonder why she had done this way and what she would gain from this.
    It is very easy for them to extend an interest only period, if they want to. Getting them to want to, is harder. Do you have any proof this was what was offered? A contract or email. If you do, there's always the banking ombudsman.
    AAT Accounting Services - Property Specialist - [email protected]
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    • #3
      Oops, fast.

      "Getting them to want to, is harder." - i think this is more the problem that I have with the manager.

      I have sorted out other problems recently, but it took long time unnecessarily.
      Those problems were also related with changing interest only vs P&I.

      But, this problem was related with the length and she wouldn't change it, so I wondered whether it was difficult to change.

      Now I know it is easy as well. Thank you.


      Last edited by nano; 15-11-2017, 01:50 PM.

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