Going Interest Only on RBS Mortgage?

Homershairdo

Hi all,

Does anyone have any experience of going from repayment to interest only with RBS? I'm in the middle of a cash flow issue, and need to cut down some costs temporary!

I've heard that they only consider a move to IO if you have a low LTV or financial problems?

Thanks!

H

opinions4u

Call them. Different lenders have different rules for different situations - so hard to commit to an answer.

Have you overpaid previously? Making underpayments against overpayments could be a possibility. Your signature line suggests this is a possibility.

By the way, going forwards I would strongly suggest not seeing your mortgage as a budgeting tool. It's the top priority household bill and if you need to cut back you should really look at other areas of spending.

Homershairdo

opinions4u wrote: »

Call them. Different lenders have different rules for different situations - so hard to commit to an answer.

Have you overpaid previously? Making underpayments against overpayments could be a possibility. Your signature line suggests this is a possibility.

By the way, going forwards I would strongly suggest not seeing your mortgage as a budgeting tool. It's the top priority household bill and if you need to cut back you should really look at other areas of spending.

Hi,

Thanks for the response - I'll give them al call!

In terms of budgeting, I'll not bore you with the in's and out's of my situation, but Mrs H is waiting for a start date to work in the NHS, and the wheels of power turn ever slowly!

Homershairdo

Excellent - another question. Currently on variable rate with RBS - if I wanted to go to another RBS deal (i.e a another fixed rate) am I likely to be credit checked?

Thanks again!