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First Direct Life Tracker - switching from repayment to interest-only?
floehopper
Posts: 6 Forumite
My partner & I have a First Direct life tracker repayment mortgage (BoE + 0.35%). Does anyone know whether it's possible for us to switch the mortgage to an interest-only basis without losing the competitive rate?
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Comments
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It's complicated. We want to move house to a new city. We want to keep the mortgage, because it is a competitive deal. The mortgage is portable, but you have to sell & buy in the same transaction. We want to rent for a while in the new city before buying, but the mortgage prohibits us from renting the existing house out while we do this. So we were wondering whether we could switch to interest-only payments to compensate for the extra outgoings while we rent in the new city.0
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FD may well decline your application to switch.0
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