I Have A Fixed Rate Interest Only Mortgage At The Moment. It Has About 18 Months Left To Run.?
After the fixed rate period comes to an end can the lender increase my payments by as much as they like or is there some sort of rules they have to abide by ?
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If it is a fixed rate, your payment should change to the fully amortized payment over the time remaining on the loan, i.e., if you have paid for 10 years, the remaining balance will be amortized over 20 years.