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Switching from Repayment to Interest only
andypurnell
Posts: 1 Newbie
We are only 6 months int a 3 year fixed rate mortgage with Halifax for £100000 (6 years to pay in total. Can I switch to Interest only with my current or another lender for 5 years. We have a second property we could use as the asset to pay off the loan. Any advice welcome.
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Comments
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Fixed rate mortgage usually have ERC penalties, interest only is at the lender's discretion."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
What would be your repayment vehicle for interest only. It cannot be a worst case scenario or "could use" scenario. It needs to be an actual repayment strategy.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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From reading the OP I think the strategy is to switch back to repayment after 5 years it sounds like it’s a second homedunstonh said:What would be your repayment vehicle for interest only. It cannot be a worst case scenario or "could use" scenario. It needs to be an actual repayment strategy.0
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