Going to interest only mortgage

leicsmarkyr

I am currently on a repayment mortgage; to give me a bit of lee-way and breathing space, I have asked my mortgage provider to put me on interest only.

They happy to do this for 6 months and will save me £200 roughly a monthly in outgoing.

Does this affect your credit status at all? I know my outstanding mortgage will increase a bit as not paying it at all. But my fixed rate ends next year and I can look at fixing again.

I have other loans due to finish paying off in a few months so will be a little better of then and will go back to repayment

_Andy_

Check with your mortgage provider as to whether they record it as paid or missed.
E.g. HSBC, when allowing 6 months temporary IO for payment difficulties, will record them as missed.
Give your provider a call to clarify.

leicsmarkyr

Ok will check with them.

For reference its Leeds Building Society

Rikki

Make sure you have life cover in place just in case too.

leicsmarkyr

That in place and above what is needed

leicsmarkyr

For reference Leeds BS will class it as paid as long as keep the payments up.