Switching From Interest Only to Repayment Mortgage

napper23

My lender (Mortgage Express) has written to me saying they are going to change my mortgage from interest only to repayment in approx. 5 months time. Can they do this? We do have a repayment plan, but switching to repayment at the moment would be a complete nightmare. I can obviously go elsewhere, but the interest rate won't be as good. Any suggestions / advice gratefully received.

Thanks.

Thrugelmir

Have you provided evidence of the repayment plan to Mortgage Express? Is the repayment plan on schedule to repay the debt?

If you are currently on a good rate then worth staying with it. Even it means changing your plans.

poppy10_2

napper23 wrote: »

I can obviously go elsewhere

Can you? How much equity do you have in the property?