Can a bank force me to pay off my interest only mortgage.

Bazofts_Revenge

Like so many people work sometimes annoys me so much I'd like to quit. If I did that I would no longer have the income coming in which I needed when I started my mortgage. Could the bank force me to repay all monies due? I have never missed a payment and therefore have no arrears and could pay it off at anytime but I prefer to have my money working for me. I am 46 in a couple of months and live very frugally and have sufficient cash/investments to last until I am 55 which is when I can access all of my pensions.

So basically I need to know can they make me pay back what I owe before the due date of 2034 if I haven't missed a payment?

Thrugelmir

No they cannot.

Personally I would start to pay down the debt if it was my intention to give up work. As interest rates may well rise in the future.

Goldiegirl

As long as payments are maintained, they won't care if you are working or not. You don't need to tell them.