Interest only to repayment?

PerfectOne

My current deal (interest only) allows me to pay 10% over payment, if i was to switch to repayment plan would I also be given 10% over payment allowance and is there normally a charge for this change?

powerwin

PerfectOne wrote: »

My current deal (interest only) allows me to pay 10% over payment, if i was to switch to repayment plan would I also be given 10% over payment allowance and is there normally a charge for this change?

I'm no expert but I believe repayment mortgages can allow overpayments, whether your new repayment mortgage allows them will depend on its terms and conditions.

I would guess there will likely be charges associated with switching. The exact charges will depend on the conditions of exiting your current mortgage and the conditions of the new mortgage you sign up to.

Rgds

MyMFDream

it would depend on your lender and product details. My lender allows 10% overpayments until November 2012 when my current deal expires and overpayments are then unlimited