Mortgage

fman

Hi I really need your help!
iam profoundly deaf use british sign language my English is second language, so I hope you can understand my writing!?
I have £85,000 interest on mortgage.my house worth about £220,000 And I have £24,000 investment for the mortgage. I really wanted to change my mortagage into repayment but I can't afford that! I've ask the bank why can't I take my investment of 24,000 out and reduced my mortgage from 85,000 to 61,000 then do repayment on 61,000. The bank can't do that! I feel I'm stuck carryon and have to carry on paying interest and the investment.

I'm desperate for help and advice.
Thank you

kingstreet

Make voluntary capital repayments yourself, including the lump sum if you want to.

You can effectively make your own repayment mortgage without the lender making a formal change.

This way makes things more flexible for you as well as you can increase and reduce your overpayments when you like.

Make sure you don't exceed any early repayment penalty thresholds before you actually do this.