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

koexelek

Really depends on the lender.

Some will do it instantly at no cost
Other will do it for a fee ( typically) £75 ish
Some won't do it.

Best to check with them direct

henryb1

thanks for the quick reply

Toughluck

Quite a painless process but as mentioned some may charge a small fee and add it to your mortgage. the lender may make checks that you can afford it before they do it so be prepared for them to ask you any questions they like about income.