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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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There, we have an interest only mortgage with Santander

Resolved Question:

Hello there, we have an interest only mortgage with Santander that was due to mature on the 1/1/15' We contacted our lender and asked for an extension to continue to pay the interest until 1/1/16 when it would be payed in full off my wife's retirement pension. Santander agreed after some proof of pension letters that it would be okay to extend for another year. My wife who is a NHS outpatients manager was intending to retire aged 59 on the27/12/15 but her manager has retired and she has been asked to work until her official retirement date which is 27/12/16 as the hospital cannot afford to lose 2 managers at once, plus she would not receive any financial penalties for going a year early. On contacting Santander they said they could not extend for another year as she had already agreed she would pay money on the 27/12/15' Can you tell me where we stand with this problem as we have no way of raising 28,000 pounds until my wife retires, She did explain that to them, we have no chance of getting a loan from anyone to pay this. We have been with Santander since they took over from our old mortgage providers, We have never missed a payment
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
Just to be clear, they had already agreed once extension to 27/12/15?
Customer: replied 1 year ago.
Yes that's correct
Expert:  Ash replied 1 year ago.
But they wont give a further extension? Did they put in writing you could have it until 27/12/16?
Customer: replied 1 year ago.
Yes
Expert:  Ash replied 1 year ago.
So they agreed to extend to 2016 and have now changed their mind, is that right?
Customer: replied 1 year ago.
No I just spoke wth them today and they advised they could not extend for another year
Expert:  Ash replied 1 year ago.
Ok. So they didnt put it in writing you could have it until 2016, just to 2015?
Customer: replied 1 year ago.
No they originally extended to 2015 I just asked today to extend to 2016
Customer: replied 1 year ago.
Yes that's correct I have only asked today for another extension to 2016
Expert:  Ash replied 1 year ago.
I see. Its bad then I am afraid. If you have an interest only mortgage sadly there are under no obligation to even extend it beyond the original term. Therefore they have helped you out by extending to 2015. But sadly you cant make them extend beyond that
You can try a formal complaint and indeed to the Financial Ombudsman who offer a free, independent service at: www.financial-ombudsman.org.uk
I understand what you are saying about not missing a payment and maybe they will take this into consideration at Head Office when you make a formal complaint. But sadly they are under no obligation to extend beyond the original term.
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
Still awaiting a reply if Santander are within their rights to refuse
Expert:  Ash replied 1 year ago.
Yes they are. I am sorry.
Alex
Customer: replied 1 year ago.
How long would it take for the process to conclude if you continued to pay the interest every month would they eventually reposses my home even if I intend pay it off in 2016
Expert:  Ash replied 1 year ago.
The process would take around 6 months.
ALex
Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.
How long does it take when a lender takes you to court until we are repossessed
Expert:  Ash replied 1 year ago.
From the time it goes to Court until repossessed around 2 / 3 months.
Alex
Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex