Desperate!

henryb1

Hi guys, im new here!

Just thought id jump straight in with a question. How easy is it to switch my mortgage from a repayment to interest only and how long will it take to do this?

We have no arrears with the mortgage company although our credit rating is bad due to not paying our creditors when attempting to go through an IVA which was refused. I will post details later. Im just looking at ways to free up extra cash to pay off debts (Around 35,000)

Thanks in advance

**Amy**

Hi Henry

It might be worth posting this over on the mortgage board to get a more informed response.

Hope that helps

x

peb

It also depends on the lender; some have a minimum time you have had to be with them and most will only do it if you have paid in full up to that date!

Good luck.

Seaxwyn

Hi Henry - I did it, with Abbey, and it was easy as pie - just one phonecall and I had to send a cheque for £150 'admin fee'. Give your lender a ring.

blackclouds

Hey Henry

Did this yesterday with Birmingham Midshires - £85 fee added to mortgage as I am selling the house this is easier for me than paying it by cheque. They are sending out the details to sign and then takes 14 days from the return of the documents to them.

Hope This Helps