full repayment advice needed please

hoddie

I have 21k interest only mortgage , the deal finishes in feb 2009, i need to change to a full repayment mortgage which i suppose would have to be payed off within 4 years as im 61 now.Any advice please.

_Andy_

Ring your lender and ask to switch to repayment.

hoddie

have done but its pricey

feisty1

things are when you start to pay them back!

jm28cardiff

Have you got some kind of repayment vehicle for the interest only mortgage?

dwsjarcmcd

hoddie wrote: »

have done but its pricey

Just totally amazing!! Where do they come from.

_Andy_

hoddie wrote: »

have done but its pricey

Well what advice are you after then? Do you want us to have a 'forum whip around' where we all chip in and help out?

hoddie

Sarcasm yeh thats gonna help, thanks a lot. Here i am with no idea which way to go and all ye get is Smart alecs, great forum!!

snowmaid

hoddie wrote: »

Sarcasm yeh thats gonna help, thanks a lot. Here i am with no idea which way to go and all ye get is Smart alecs, great forum!!

Welcome to moneysaving expert where you receive great advice and help from everyone..........It is becoming more common place to bully and humiliate someone asking advice than to actually give it. Those 'offering' sarcasm usually aren't the brightest of lightbulbs anyway, so ignore them.There are some, few and far between, who are extremely helpful and knowledgeable, and they are worth hanging around this forum for.

_Andy_

hoddie wrote: »

Sarcasm yeh thats gonna help, thanks a lot. Here i am with no idea which way to go and all ye get is Smart alecs, great forum!!

In your initial post you asked how to change to repayment. I explained you needed to ring your lender.

You then posted saying you'd done this but it was too expensive (which you neglected to point out in your original post).

Yes, my subsequent reply was sarcastic but certainly can't be construed as 'bullying' as snowmaid incorrectly implies.

Back to the OP's query then - have you shopped around to see if you can find a lower rate which would make repayment more affordable?
Have you asked your lender if you could extend the term, again to make the monthly repayment more affordable?

luckyfool

Is it "expensive" in the sense that the rate is high? The payments are too high? Or do you just mean that your lender is charging a fifty or hundred quid fee for switching?

Who is your lender?
What rate does your deal revert to in February? Is it an SVR or tracker above base rate?

You do not need to move lender, or switch to repayment even. You could get the same impact as switching to repayment by overpaying your mortgage on a monthly basis, avoiding any admin fee charged by the lender.