help!!

johilton

Can anyone help I know absolutely nothing about mortgages, we have an interest only mortgage with Godiva mortgages which we were sold 6 years ago so are not paying anything off the capital of £150,000!!

GMS

Change to repayment?

What do you want to know?

ch3101

The whole idea of an interest only mortgage is to give you lower payments every month so that you can also sort some other way of paying it off, whether that be investments or saving continuously at a better rate than the mortgage is on.

What is your question here, what do you need "help!" with?

R_P_W

ch3101 wrote: »

The whole idea of an interest only mortgage is to give you lower payments every month so that you can also sort some other way of paying it off, whether that be investments or saving continuously at a better rate than the mortgage is on.

What is your question here, what do you need "help!" with?

Your knowledge will probably improve if you actually say what you want to know!

ktk

When you took out the mortgage the provider will have asked how you intended to pay off the loan. This used to be with an endowment policy, but now could be secured on the property itself, if there is sufficient equity, ie the house is worth significantly more than the loan.

ACG

Im assuming you want to know how you will clear the balance?
You have a few options:
-Put money into a savings account of some sort (this is best if you can get a better rate than the mortgage itself) otherwise:
-Make over payments on your mortgage to bring the balance down.

Alternatively if your a little more daring you can put money into an investment of some sort which could be shares etc.