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Nationwide - Interest Only is this possible?

Spendalot_2
Spendalot_2 Posts: 59 Forumite
in Mortgages & endowments
We have a 10 year fixed rate repayment mortgage with nationwide. I mean its fixed for 10 years, but the term is 21.
We are broke and struggling with repayments. This will only be for a few years while we struggle with cripling childcare costs and repaying debt.
Is is possible to switch to interest only for a few years?

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    Ring the Building Society and ask them to change to an interest only mortgage.

    There may be a small fee charged

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • Woby_Tide
    Woby_Tide Posts: 5,346 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Nationwide have certain criteria for allowing interest only unless you can provide info about how you'll be repaying the loan. Depending how long you've held the mortgage you can apply for a payment holiday of up to 12 months
This discussion has been closed.
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