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Should I change to an Interest only mortgage?
btoffee
Posts: 2 Newbie
Due to my current situation I am having up put the house up for sale. I have a repayment mortgage with a partner and am having to also pay rent in another house. Do you think it would be worth me changing the mortgage to Interest only? I know this would bring the payments down by £300 p/month which is perfect but are there negative consequences to doing this? The house is 2 years old, in a good condition and would expect to sell for more than my remaining outstanding mortgage value.
0
Comments
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contact your lender and ask!
good luck on selling your home0 -
no real negative consiquences unless you chase the market down..
If prices to sell this is only short term and you get the money back when you anyway.
So unless you need the reduction because you are getting into debt makes little/no difference.0 -
Thanks for the replies0
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