Move my Mortgage or not ?

sussexking

Any advice would be great :-

Currently got a mortgage of around 132,000 with a property value of around £215-£220k

I'm on just an interest only mortgage as i got myself into a lot of financial trouble a few years ago and so an IFA got me remortgaged to a company which has since now sold/merged/taken over by Coventry Building Society....

Currently paying £450 a month interest only on £132,000...

I've still got defaults, no CCJ's or Bankcruptices .... can I walk into a bank and get a new mortgage, or will I need to stay with someone who specialises in adverse credit...

Would like to get my £450 a month interest only down a bit as the interest rates remain low at the moment...

Does anyone know who is good for mortgages at the moment...

Any help would be great....

Dave_Ham

Gut feel says stay put. You will be unlikely to get another interest only deal on those rates, so reduced your cost will be virtually impossible...

I would suggest you think about getting onto repayment basis sooner than later so it does not hurt too much when you do...

sussexking

Cheers Dave - that was going to be my next question.... who is the best for repayment mortgages for someone with adverse credit....

i'm 41 - and yes would like to try and get my mortgage paid off before I retire....

Thrugelmir

Start with your current lender. As an existing customer they will assist you.

dimbo61

Can you overpay/ make payments to your current lender even though you are on interest only.
you must be paying just over 4% at the moment and to change to repayment over 24 years ( upto 65) would cost £715 at 4%.
So ring them up and ask the question !
can I overpay each month say £300/400 a month