changing to interest only??

aimex

Hello! I know I'll probably get shot down for this question but I don't know the answer so it's a good question as far as I'm concerned lol.

Currently have mortgage with nationwide fixed until 2016 paying £838 a month. Just wondered how we could go about reducing the monthly payments. Have spoken to them about increasing term as its 21 years and they said we could increase to 25-35 and that qoukd take payment-shirts down so that is an option as I understand it costs £20 to do ans can change back in futures.

However I also wondered about switching to interest only and over paying as much as poss each month. Have recently had baby so income is reduced. What so you think? Any other options?

Thanks x x

kingstreet

All you can do is ask them.

Be careful that any change like that may be considered a payment arrangement and marked on your credit file accordingly.

Thrugelmir

Extending the term still allows you to make overpayments.

Switching to interest only may well require to provide evidence of a suitable repayment vehicle. So doesn't get you are further forward.