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Switching from Interest only to repayment

beezers
beezers Posts: 1 Newbie
in Mortgages & endowments
Hello...

Im wondering if anyone can help me please? Im planning on switching my mortgage to repayment from interest only. I have nearly 10 years of payments. I know I haven't paid off any of the capital however Im wondering if this will make a difference to my payments? Or is this just like starting from scratch with a new mortgage?

Thanks Guys

Comments

  • ACG
    ACG Posts: 24,736 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you took out a £100k mortgage 10 years ago on interest only and converted it to repayment now with 10 years to run the repayments would be the same as if you took out a brand new 10 year repayment mortgage.

    Assuming the rates were the same etc.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You may only have 15 years to repay the capital rather than 10 years. Depending on your original mortgage term.
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