Interest Only Mortgage Switch

Chopin_2

Hi,

I am planning to move and remain out of the UK in around a year.

I have a number of debts associated with credit cards and an overdraft that I am working hard on reducing. I don't want to leave the UK with debts and it is unrealistic of me to believe I will be able to pay everything off in a year.

I am planning to go and speak to my mortgage lender to discuss a way to reduce my mortgage payments to allow me to use this extra money to pay off my other debts.

Is swopping to an interest free mortage a viable way of reducing my mortgage payments in order to free up some cash to repay other debts for a year? As I plan to sell my house and in the current climate doubt I will get more than I paid for my home.

Any advice gratefully received x

_Andy_

By the sounds of it you have little equity in your home so it is unlikely your lender would agree to it.

Which lender is it?
What (realistically) is the properly worth?
How much is the mortgage balance?

Chopin_2

Hi

Lender: Natwest,

House purchased at £75,000 - mortage left around £71,000

Esimate sale around £85,000

So worth a little more than than purchased - but I want to have everything covered in good time for my move.

Thanks,

_Andy_

Give them a call tomorrow.

Chopin_2

Thanks - is it really that simple?

_Andy_

It is at their discretion hence why you need to contact them