Hi there,

Lots of lenders say that you must have a 'repayment' vehicle in place but little to no checks are made to confirm that it actually exists! Madness I know but thats the way it is! There are lenders who will accept 'sale of property' as a Repayment Vehicle and I must admit I have not had any issues with Hallifax but hey ho lenders change their minds almost daily!

I would suggest Abbey are worth talking to and also Nationwide (who are offering fairly good rates at the mo) as neither of these have issues with repayment vehicles.

Regards,

Dan

I had this with the Halifax.

I borrowed £100k to buy a second house. The second house is the investment vehicle to repay the borrowings. The Halifax oriingally said they couldn'taccept a house as the repayment vehicle.

I said that a situation where they would accept a much riskier vehicle such as an endowment policy was rediculous. They went away, thought about it and agreed.

In previous times, banks would ask that any investment vehicle was assigned to the bank so they owned it until maturity,. Now adays that is not the case.

So, you could say you have an endowment policy and the banks would never know.

we have an interest only mortgage and wanted to remortgage to halifax £70k house worth £300k we will downsize in 5 years or so pay off the mortgage and be mortgage free - Halifax has just turned round to us after we applied 2 weeks ago and said they won't do it as we have no investment and won't use the value of the house.

any help or guidance would be great - we are looking to get a better rate we applied for 5.69% 5 year fixed with halifax. Is it me or there no common sense left in the world ?