Switching to interest only Barclays/Woolwich Tracker Mortgage

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?

Replies

  • RobertoMoirRobertoMoir Forumite
    3.5K Posts
    Part of the Furniture Combo Breaker
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    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.
    If you don't stand for something, you'll fall for anything
  • Trying_to_be_goodTrying_to_be_good Forumite
    2K Posts
    Part of the Furniture 1,000 Posts
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    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.
    Mortgage Free thanks to ill-health retirement
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