repayment to interest only mortgage?????

Wh05apk

opinions4u wrote: »

All of which can be established by getting an answer to the question "Why?" I'm sure you'll agree.

But the OP asked if he could and how he does it, he did not want judgements on whether he should do it or not, if he has a repayment vehicle he can use, whether he is in financial trouble or not is irrelevant, he should be able to change, if he is in financial trouble and has no vehicle then likely he will get 6 months max (unless the lender accepts downsizing/sale of property)

HappyMJ

You can get up to 2 years on interest only if the OP is now unemployed and is relying on benefits to pay the interest on the mortgage. After 2 years the support from the benefits stops and then something else will need to be considered.

opinions4u

Wh05apk wrote: »

But the OP asked if he could and how he does it, he did not want judgements on whether he should do it or not, if he has a repayment vehicle he can use, whether he is in financial trouble or not is irrelevant, he should be able to change, if he is in financial trouble and has no vehicle then likely he will get 6 months max (unless the lender accepts downsizing/sale of property)

There are a number of different reasons for wanting to go interest only.

1) Financial difficulties.

2) Moving spending priorities away from the mortgage on a whim.

3) Wishing to use a repayment vehicle such as an old endowment policy to repay the debt.

I'm sure there are more.

If the answer is financial difficulties, then suggesting the OP pays an admin fee of £50 and magic up a repayment vehicle (as you suggested) isn't really much use, is it?

So establishing the reason why seems like the most logical starting point before jumping to a solution / conclusion.

Most lenders will not charge a fee to put a customer in financial difficulties on to an interest only basis for a short period of time. But most will charge a fee or (in some cases) an additional rate to cutomers moving from repayment to interest only for other reasons.

Many lenders won't offer interest only as an option but will tailor a short term payment arrangement around a financial factfind that takes in to account priority payments ahead of unsecured loans and the like. Much more useful.

In the end you just peed me off by saying the question "why?" is irrelevant. It's probably just about the most important question anybody giving financial information can ask to help understand what an individual is trying to achieve and the to help that individual understand the choices open to them.

Wh05apk

opinions4u wrote: »

In the end you just peed me off by saying the question "why?" is irrelevant. It's probably just about the most important question anybody giving financial information can ask to help understand what an individual is trying to achieve and the to help that individual understand the choices open to them.

Sorry I mis-read the op's qriginal question, I thought they were asking the technicalities of changing to interest only, basically they are normally able to change to interest only long term "IF" they have a repayment vehicle, otherwise lenders will normally only allow short-term.

Oh, and merry christmas!

opinions4u

Wh05apk wrote: »

Oh, and merry christmas!

Yeah! To you and all .