Interest only mortgage

Frodsham6

Hi, I have asked our mortgage lender if we could change to interest only,they say we fit there criteria but we have a charge on the property will this affect our chances kind regards

HappyMJ

The charge will not affect your chances. However, a CCJ and several defaults might.

Frodsham6

The lender I'm with specialise in bad credit mortgages.

HappyMJ

Frodsham6 wrote: »

The lender I'm with specialise in bad credit mortgages.

...and you want to stay with them? What's the interest rate? What equity do you have? Would it be cheaper selling it and renting?

Frodsham6

Want to stay with them,interest 2.49 p.a.Not much Equity

Frodsham6

Any one know of any good endowment policy please.

shortchanged_2

Frodsham6 wrote: »

Any one know of any good endowment policy please.

Yes, it's called a repayment mortgage.

_Andy_

Frodsham6 wrote: »

Any one know of any good endowment policy please.

There really is no point changing to interest only with a repayment vehicle if you're wanting to cut your monthly payments down.

hcb42

Frodsham6 wrote: »

Any one know of any good endowment policy please.

while I think it would be mad to go down this route, you will need a financial adviser.