Interest only or not????

Duff_3

Hello, my fixed rate is coming to an end in July and I'm feeling the pinch. My wife is a student nurse and will be finishing her course in a year and will then be getting a job. Is the best way to keep the mortgage down for that year going with an interest only? If I was to do this would it be a variable rate or would I need to take out a deal with a fixed rate, I'm really confused as to what I should do.
Also who can I speak to who is totally un biased and will give me the best advice. About 5 years ago I used Mortgage matters and I reckon they really screwed me with charges.

dunstonh

Is the best way to keep the mortgage down for that year going with an interest only?

Interest only is a bit like buy now pay later. Yes, you get cheaper monthly payments now but when you have to repay the lender at some point and the shorter the number of years remaining, the more expensive it becomes. You should consider interest only as a later resort if there is nothing else left to cut back on.

Also who can I speak to who is totally un biased and will give me the best advice.

Any whole of market/independent mortgage broker. Fees have to be disclosed in advance so there is no reason for you to get screwed with charges.