“I am somewhat sympathetic to your situation Ken, but I do think the loose credit where 125% mortgages were given to anyone that could fake a P60 did bring us to a bad place and it does need to be addressed.”
Ducatista, excellent points, some sound advice and I do agree with you on the above.
I have been with my current lender for 9 years in which time I have never been late with a single monthly payment. Due to the present economic climate I wish to downsize my property to lower my housing costs to offset rising costs in other areas in my living budget. It’s as if the new rules are retrospective. If I stay in my current property the length of the term and all the other aspects of my mortgage remain unchanged. But, if I move to a more affordable house and take my so-called portable mortgage with me, the rules are completely different.
Thanks to you and Graeme. I am going to take stock of the situation and seek advice before deciding on a plan of action.