Morgage

antbann

Hi,

Can anyone help, i just want to know if i can change my mortgage to interest only from repayment.

hillcats

You have not been offered any advice because you have not told people some facts.
Who is your current lender?
How much do you owe?
What rate are you currently on?
What rate will you move to?
What is your LTV?
Why do you want to change to IO? (You have to pay the debt eventually, somehow!)

antbann

hillcats wrote: »

You have not been offered any advice because you have not told people some facts.
Who is your current lender?
How much do you owe?
What rate are you currently on?
What rate will you move to?
What is your LTV?
Why do you want to change to IO? (You have to pay the debt eventually, somehow!)

Thanks for the feed back

my lender is Halifax
i congruently owe £84554
my house is worth £83000
I just want to reduce my payments for a while, i have just come out of a marriage and i have to rent out the house.

cheers

hcb42

you will need to speak to the halifax, given those circumstances, for their permission to let, as well as interest only, you wont be able to switch mortgage company due to negative equity. (unless you have a sizeable deposit, which I am assuming not as you are asking a question about reducing the payment.

Can you take a three month holiday or is the outcome that you know you cannot afford it alone?

antbann

I have spoke to the bank and they say i can let it.

_Andy_

ok, so have you asked them about going to IO? Not trying to be blunt/rude, just don't get why you wouldn't just ask them and get a definitive response.

antbann

no they are changing my mortgage to buy to let so that's ok by me :money: