Switching from repayment to interest only

SarahB22_2

Hi.

My fixed rate is coming to an end and I want to switch from repayment to interest only for a short period of time (as I intend to sell soon). I rang Halifax on Monday and they said I would need to fill in some forms re: my investments, etc, even though I told them I was selling up. I said ok. Then rang again today to chase as hadn't received the forms. They said I first needed to give them written confirmation that I wanted to switch to interest only. Arrgh!! They conveniently forgot to tell me that on Monday. I have faxed over written confirmation today but they say it will take 5-7 working days to post the forms out to me, and then once they've received the completed forms it could take up to a month to process them!!

Is there anything I can do to either avoid having to fill in these forms or speed up this process?!!

Help!

Sarah

homer_j_3

Clearly not if the halifax are your lender and they have said that you need them. I guess they want something in writing for their records so they cannot be complained to a later date if you failed to sell and convert back to repayment.

Have you checked what the difference in payment would be? Is it worth paying the admin fee to swap it over if you are in the middle of selling?