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Interest only

Caribach
Caribach Posts: 2 Newbie
First Anniversary
in Mortgages & endowments
I have a pension maturing in 3 years & am going to pay my mortgage off, I have been advised to go onto an interest only mortgage as would be saving around £9,000 a year. would appreciate any further advice from yourselves 
thanks

Comments

  • MovingForwards
    MovingForwards Posts: 17,158 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    What's your current income? It's not easy to obtain IO mortgages now.

    How much is outstanding on the mortgage?
    Mortgage started 2020, aiming to clear 31/12/2029.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It doesn't save £3k a year it just moves £3k a year for 3 years to pay it then.

    In the mean time you pay interest on it.
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