Switching to interest only Barclays/Woolwich Tracker Mortgage

taylorkit

I have had a Barclays/Woolwich Tracker Mortgage for over four years.
It looks like I may be made redundant soon and so I called Woolwich asking to switch to an Interest only payment in anticipation.
However they said they no longer supplied these products since last year and would send me a financial difficulties pack after I have been made redundant.
This seems all too late.
Can I insist on switching to interest only?
If not what can I do?

RobertoMoir

You can't insist on switching to a product they don't have, for the exact same reason you can't ring up Ford and "insist" on buying a £200 car from them that lasts 50 years without a service and runs on unicorn farts.

You might go into a branch and speak to an advisor and try to talk to someone face to face about your concerns and how they can help.

Trying_to_be_good

I called them (different circumstances as I'm looking to borrow more) and they said I couldn't go interest only, but could extend the term to as long as I liked so long as it was before my 65th birthday. Longer term = lower monthly payments. I don't know how this would affect any payment protection insurance/goverment scheme you may have access to.

Good luck.