Fixed loan

Discussion in 'Loans & Mortgage Brokers' started by JLC, 5th Mar, 2021.

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  1. JLC

    JLC Well-Known Member

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    I have fixed a part of a loan at ppor rates while living in my property and now it is available for rent as an investment property. I would like to fix the remainder of the loan as an investor fixed loan, but will the application cause a trigger for my initial fixed rates to be converted to investor rates as well? The remainder is currently IO investor rate. Thanks.
     
    JLC, 5th Mar, 2021
    #1
  2. jaybean

    jaybean Well-Known Member

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    Good question also curious to know the answer.
     
    jaybean, 5th Mar, 2021
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  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    No.

    To change the existing fixed loan to an investment product, the bank would need to break the existing fixed rate contract, which they won't do.
     
    Peter_Tersteeg, 5th Mar, 2021
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  4. JLC

    JLC Well-Known Member

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    Thanks Pete.
     
    JLC, 5th Mar, 2021
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