interest only to repayment

antoniomontana

just wondering whether its normal to be able to switch interest only mortgages to capital repayment ones (with or without a charge)
im looking to get one with Birmingham Midshire but not sure on this matter.

lisyloo

Yes, it should be fairly easy.
There is usually a small administration fee which is often about £50.
I guess this is just to stop people doing it too frequently without thinking it through.

Pots'o'dosh

Don't see why not, two years ago we switched our Interest only to a part Interest only, part repayment. No problems. Very small fee but inlcuded in the repayments. This was with Nationwide.

Babu

I switched 2 years ago from interest only to a repayment and have just used the endowment portion as a a means of saving.