Repayment to Interest Only

RyanGP

My mortgage product is about to expire with Nationwide ad revert to the SVR is it possible to change this from repayment to an interest only for a brief period and then back to capital repayment after say 6 months?

RenovationMan

Most mortgage companies would ask you to pay an admin charge to change to IO and then another to change back. Why not just change to IO and then it as an IO mortgage? You can always just make monthly overpayments to the same level as your monthly repayments, but you still have the flexibility of being IO in case you require breathing space again in the future.

The only stumbling block may be that your lender asks for proof of a repayment vehicle.

hcb42

RenovationMan wrote: »

The only stumbling block may be that your lender asks for proof of a repayment vehicle.

...or they dont pay enough off and there is a thread here in 10/15/20 years time saying they cannot pay the mortgage off and are going to lose the house.

for a short term thing either ask for a repayment holiday, or cut corners on other expenditure..

opinions4u

RyanGP wrote: »

My mortgage product is about to expire with Nationwide ad revert to the SVR is it possible to change this from repayment to an interest only for a brief period and then back to capital repayment after say 6 months?

What rate are you on and what rate are you moving on to? Does this provide the opportunity for reduced payments?

Why do you want to reduce your payments?

Does your mortgage have payment holiday facility you could use for "free"? (not recommended, but could be an option)