can i ask a question please?

nickynoo08

Hiya everyone i'd like to ask a question please -
Basically we currently have an intrest only mortgage - 6.75% 22yrs and 9months left to run (all i could get at the time even tho i could afford repayment one they said no!), and fixed rate is due to end in feb11. So when our fixed rate is up will i be able to move on to repayment mortgage with same company without having to apply? I dont particulaly want to stay with our current mortgage company but we dont have much choice as we just dont bring in enough income to be accepted elsewhere.
Thanks

Senior_Paper_Monitor

Who is current mortgage with ?

Can you overpay (which would to some extent mean you would be addressing capital) without penalty (many mortages - even most - permit this) ?

A 'new deal' at the end of this one may or may not be possible depending upon who you have this mortgage with.

What rate do you go on to when the current deal ends next February ?

getmore4less

Check if there are any penalties for paying more than just the interest now and when the fixed rate ends.

Have you been saving the extra money that you would have been paying if you had got a repayment mortgage?

nickynoo08

Thanks for your quick replies
My current mortgage provider is future mortgages. I'm not able to make overpayments on the mortgage, penalties are too high. When i looked at moving provider the penalty was just over 4k too. Any extra money we've had has been going towards paying off our loan so we are debt or almost debt free by the time our fixed contract is up.
Also not sure what rate we move on too, i'd have to call them tomoro to ask