Changing from interest only to repayment?

Ms_Brush

I have an interest only mortgage with HSBC that is due to move back to capital repayment in 2010 (Remortgaged onto a re-start last years, as I had to find a way to keep my house while I sorted out my divorce...!!)

Its not a bad deal - 5.79 fixed until end 2009, and split into two parts £112,000 (my original mortgage amt) and £44,000 (how much it cost to get rid of the ex!!). I'm not yet in a position to be able to go back to repayment completely and have not overpaid to date (because I needed to prove to the courts I have very little equity) but am thinging of formally moving the smaller amount onto repayment to reduce it now that I'm free of the ex.

I will most likely remortgage again when the fixed rate finishes and redemption penalties expire - but will need to be careful of income multiples, so really need the debt to be much smaller by then that it is at the moment!

Questions are, will HSBC move the loan to repayment?
Will they charge me to do this?
If I can do this (and it doesnt cost a fortune) - can I still overpay and get the debt down ever further??

Kaz2904

Can you not just work out how much it would cost to be on a repayment deal and then overpay by that amount every month?
The alternative is to work out how much less you want it to stand at ie £30000 less. How long have you got to clear it ie 30 months. so 30000/30=1000 overpayment needed monthly.

The most important thing s to check your t&c's.