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Hi there
Can you advise on remortgaging on a buy to let. My interest only mortgage term is coming to an end in September and I asked my provider if the loan could be extended to my retirement date as I am only 51. The first 2 advisors I spoke to were unsympathetic and simply said I was in breach of my contract as I did not yet have the funds in place to pay of my mortgage. They said they did not offer interest only mortgages anymore so that was not an option. They said they would extend my mortgage for 1 year to give me time to sell my property despite me saying I did not want to. Alternatively they said I could go on a repayment mortgage (which I don't want.) They said I had to fill in an affordability form which I did. I was then told that I couldn't afford the mortgage but luckily the 3rd person I spoke to was so much kinder and extended the term of the mortgage for 5 years.! However he would not extend it for more than 5 years.
My question is: I thought the FSA said that mortgage companys should not apply the affordability rules to some one who already had a mortgage with them. Is there anything I can do, to get them to extend the term for longer.
The company is Birmingham Midshires and I know they even extend mortgages past the retirement age as they extended my fathers BTL until he was past 70. This was in 2014.

09/09/2017 13:35

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