Switching to interest only mortgage

dazla

hi

Has anyone ever switched from a repayment mortgage with halifax to an interest only deal, for a temporary period/ I am trying to bring my cc debts down, this may be an option , as in a years time i would have paid off my bank loan so will have more money to pay off the cc debts. I'm nervous about approaching the halifax as they will want to know why i want to switch and i don;t want to tell them why. Will they check out my credit situation when I apply to switch to an interest only?

elantan

i would suggest asking this on the mortgage board ... i may not be right but from what i have read there are a few people that have done this without any trouble ... and some have even left it on interest only whilst paying excess off the mortgage ... that way they didnt need to worry if they didnt have the money every month ... but they fully intend on paying extra if that makes any sense .... good luck