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Question re interest only mortgage
CathA
Posts: 1,207 Forumite
If someone has an IO mortgage and wants to change it to part/full repayment, under the new mortgage rules do they have to reapply and go through the normal affordability checks please? I changed mine years ago and just had to ring the lender and tell them what proportion I wanted where and it was done free of charge. I'm guessing it's not like that now? Thanks all.
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Comments
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Full underwriting for such a change. Check your terms and you should be able to overpay voluntarily without penalty to same effect, leaving the mortgage as 'interest only'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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