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Nat West- going interest only?
shell_girl
Posts: 642 Forumite
Hi all, quick query on behalf of my parents...
I was wondering if anyone has any experience of switching to an interest only mortgage with Nat West? My parents currently have around 20k left to pay on a house roughly valued at 120k, no history of late or missed payments. Just wanted to check if anyone has switched to Interest Only with Nat West recently, and what sort of response they had from the bank? The reason my folks want to go interest only for about six months is that they are looking at one of them being out of work for the next few months at least, however they do have equity in another property which if they're granted the IO term they will be able to sell before the IO finishes, effectively raisng enough money to pay off the Nat West mortgage in full.
Thanks to anyone able to help.
I was wondering if anyone has any experience of switching to an interest only mortgage with Nat West? My parents currently have around 20k left to pay on a house roughly valued at 120k, no history of late or missed payments. Just wanted to check if anyone has switched to Interest Only with Nat West recently, and what sort of response they had from the bank? The reason my folks want to go interest only for about six months is that they are looking at one of them being out of work for the next few months at least, however they do have equity in another property which if they're granted the IO term they will be able to sell before the IO finishes, effectively raisng enough money to pay off the Nat West mortgage in full.
Thanks to anyone able to help.
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Comments
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At such a low LTV that should pose no problem, they just need to ring up and ask.0
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