nterest only repayment vehicle advice needed please

sjoh1013

no, i did understand you. it was very clear in your previous message and I just had the wrong end of the stick before.

sjoh1013

ah.. sorry, likewise.. i didn't see this one! :-)

opinions4u

Fantastic cross-posting effort guys!

One of the best ever on MSE!!

Shame you weren't going all out to insult each other either side of the realisations .

majormax

sjoh1013 - cheers for hijacking my thread seriously tho - glad you got some great advice too!!

jamesd - thanks for the info and the same to Blueberrypie - much appreciated!! I do understand what the repayment vehicle means and what they want, but I didn't explain myself very well.
In my own little mind here, I know that I only actually want to do this for 12 months and not for the full 17 years, but the bank doesn't give you this option. I get what you say re this being like a "loan" from my mortgage and have never wanted to have an interest only mtg (I do love seeing my annual statement and how much it has reduced ):j, but to close my cc and the od account and get my credit rating healthier, I want to use the monthly "saving" to do this and not then have to make those two monthly payments when I revert to my repayment mortgage. i was concerned about aplying for 0% card; don't want to leave a (possibly negative) "footprint" on my credit file. I still work full time, salary £16,000 before stoppages. No benefit entitlement and pay mtg etc alone. I dont retire until 2022, but the Pension i am referring to starts in 18 mths time and that alone would cover my monthly mortgage payment (so am looking forward to getting that!) so therefore want to use some of it to start overpaying. i just would like to make my life a little easier each month until the 18 months is up. someone advised me t6 take endowment out, get mortgage sorted and cancel endowment, but i am a pretty honest person and don't want to do that and knew i would get good advice on here. so hope that's all a bit clearer than mud now and thanks for all your good advice.

majormax

poppy10 wrote: »

If you use the pension, what will you live on when you retire?

i am not retiring for some time and only want to do this short term, plus I will have my company pension and govt pension when i do retire

majormax

opinions4u wrote: »

So basically you want to borrow on your mortgage (the reduction in payment is nothing more than a loan).

Then you want to repay this debt over 17 years?

Personally I think it's a bit silly. Get over to Debt-Free Wannabe and get them to help you find ways of improving your budgeting. Your current plan is robbing Peter to pay Paul.

yes, i suppose it is.

nope, i want to do it for 12 months.

i too would think doing that for 17 years is more than a "bit" silly