monnnnnday, page-112

I wonder how many lending institutions are doing this.

It appears the local credit union is quoting repayments that are too low.

My calcs for people I know show that what they are doing is inreasing the repayment period from say 25 years to 30 years without consultation.

When asked, they admit it but have not consulted their clients before hand or informed them.

Of course the credit union will make more money and some borrowers may even wish to avail themselves.

What happens to those that think they will have paid off their houses at retirement, only to find they have 5 years to go.

I see legal action ahead but also wonder if banks and other lending institutions are doing the same.