8years ago my 65 year old,self employed husband and I took out an interest only mortgage for £150,000 valid until his 80th birthday.
Since then we have never defaulted on the payments,had various fixed interest deals without any problems. We have investments with which we intend to use to repay the capital sum as & when.
In January we started a new deal fixed rate for 5 years,at that time my husband asked if the mortgage was transportable to another property should we decide to move and was told it would be.
We have now decided to downsize and have requested to move our mortgage to the new property but have been told that because the new house is worth less we can't transfer the existing mortgage and must apply for a new deal which we have done.
My question therefore is, if the bank for whatever reason (possibly my husbands age) refuse to give us a new mortgage, which would be a much smaller amount with lower repayments, have we got a case for mis-selling the product in the first place?
If they do refuse and we withdraw the application we would continue to pay higher repayments on our current mortgage without defaulting, what is the problem?
We haven't had a decision yet because the application has had to go to a senior underwriter because my husband has passed his 71st birthday. Thank you
Since then we have never defaulted on the payments,had various fixed interest deals without any problems. We have investments with which we intend to use to repay the capital sum as & when.
In January we started a new deal fixed rate for 5 years,at that time my husband asked if the mortgage was transportable to another property should we decide to move and was told it would be.
We have now decided to downsize and have requested to move our mortgage to the new property but have been told that because the new house is worth less we can't transfer the existing mortgage and must apply for a new deal which we have done.
My question therefore is, if the bank for whatever reason (possibly my husbands age) refuse to give us a new mortgage, which would be a much smaller amount with lower repayments, have we got a case for mis-selling the product in the first place?
If they do refuse and we withdraw the application we would continue to pay higher repayments on our current mortgage without defaulting, what is the problem?
We haven't had a decision yet because the application has had to go to a senior underwriter because my husband has passed his 71st birthday. Thank you