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switching from interest only to repayment
antoniomontana
Posts: 209 Forumite
is it realtively easy to switch from an interest only mortgage to a repayment one and are there generally any fees for doing so?
0
Comments
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Depends on the type of mortgage you have.
Best thing to do is speak to your lender and ask!
If you are looking to change deal/lender then when you remortgage you simply choose which type you want - interest only or repayment.0 -
AS DougK said really, if you are Remortgaging, you can switch the repayment type at the same time, or depending on lender, you would normally expect to pay an administrative charge of approx £50 or £75 to alter the method of repayment, even during a Redemption charge period.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.0
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