It would assist be if I had some more information from you but meanwhile I will answer you as far as I can.
Many people, like your partner, have interest only mortgages and they didn’t get, contrary to advice, a repayment vehicle to pay the mortgages at the end of the term and I don’t know about your partner but I know many people (a lot personally) who have simply buried their heads in the sand.
I don’t know any lender who will not extend the term. However some will extend almost indefinitely and others will threaten an application for possession quite early on. Never try to deal with this on the telephone unless you follow the telephone call in writing so in that respect he has done the right thing.
If he has not had a satisfactory reply from the lender within 8 weeks he then needs to complain to the Financial ombudsman about the lack of reply. If they refuse to extend, it’s a complaint because the courts and the Financial Conduct Authority has told the lenders that they got the borrowers into this situation and they have to manage it without just going straight for possession.
Extending the term of the mortgage is no big deal, they send him a piece of paper and he signs it usually.
I am glad to help.
Hopefully, I have answered your query in a way that is simple and easy to understand.
I would be more than happy to clarify anything else for you. In the meantime, thank you once again for using our services.
Please note that my answer is based strictly on the information that you have given me. If you have not given me all the information, then my answer may be incomplete or wrong.
I am happy to answer any specific points arising from this.
If you still need any points clarifying, I will be happy to reply because the thread does not close. In fact, it remains open indefinitely.
I am always happy to answer any further questions you have on any new thread in which case, please start your question with, “ For FES only”
You don’t need to do it on this thread, just a new thread. You have me exclusively on this one.