Interest only mortgages

Jude3011

I've had an interest only mortgage for about 12 years. I remortgaged at a time when I was struggling and it seemed like the best option. I am thinking of selling my house next year, does anyone know if this will work in the same way as if I had a regular repayment mortgage or will I still have to pay back the TOTAL amount that I borrowed 12 years ago. I have a very good credit score so I don't think that will cause any issues.
Any help and/or suggestions would be appreciated.

elverson

When you remortgaged you would have 'paid off' your original mortgage and simultaneously started your current mortgage (interest only). The total amount of the current mortgage is what you need to pay back.

https://www.moneyadviceservice.org.uk/en/articles/ways-of-repaying-an-interest-only-mortgage

Jude3011

Thanks elverson, do you mean that I need to pay back the total amount that I borrowed or the amount that is left to pay off on the current mortgage.

elverson

Put the numbers in here (the Mortgage Debt is the amount you borrowed 12 years ago, which is hopefully less than the original amount as you would have built up some equity) - use the Interest Only option:

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator