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Can i ask, if you have moved from an interest only to repayment mortgage , how?

(10 Posts)
auntilin Fri 03-Feb-17 20:02:58

I need to move my mortgage (long story) but a bit unsure of how to do this, is it straight forward? can I just find a new provider & mortgage?

tovelitime Fri 03-Feb-17 20:06:29

In most cases you can just ask your mortgage provider to switch you over

TroysMammy Fri 03-Feb-17 20:08:22

My mortgage provider put some of my interest only onto a repayment. Didn't take long and no additional fees.

Headred Fri 03-Feb-17 22:08:51

We can swap with our current lender to a new product but will have to go through the affordability checks

ThroughThickAndThin01 Fri 03-Feb-17 22:12:02

If it's about paying the mortgage down, can you just overpay monthly?

ColdFeetinWinter Fri 03-Feb-17 22:14:20

I contacted mine and asked how much extra was needed to convert. (A lot more than I expected!) so I pay this amount extra every month.

It means I've built up a pot of money I could dip into in an emergency but also am paying it off.

FeliciaJollygoodfellow Mon 06-Feb-17 10:35:14

Changing lenders is different to switching from int only to repayment.

Call your lender and ask them. If you want to remortgage to a different lender, just be aware of early repayment charges if you're still tied in.

Babelange Mon 06-Feb-17 21:00:02

Just to add that if it's too much of a jump to go from interest only to repayments you can do it by increments - I think we went from a 50/50, 75/25 then 100% over the course of several remortgaging ocassions. Santander didn't charge two lots if arrangement fees for the different products. Probably not as unusual as you might imagine.

Tenpastlate Mon 06-Feb-17 21:07:49

A word of warning
Your mortgage lender will be very keen to move you to a repayment mortgage, but it is unlikely thst they will let you swap back if you want or need to; in fact a request to move from repayment to interest only apparently triggers a 'financial difficulty' alert on your account (the advice given to me at Barclays).
As a pp suggested, if you may neec future flexibility, it may be better to make regular overpayments and stick with interest only.

Ta1kinPeace Mon 06-Feb-17 21:29:18

Easy to do but VERY expensive
better to stay on the IO mortgage and set yourself a capital repayment plan

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