Moving to an interest only mortgage

[Ihatesandwiches]

Covid 19 has taken its toll on my earnings. I'm lucky to have some income, topped up by UC, but I'll struggle to pay my bills. All due the first few days in March. Has any one successfully moved to an interest only mortgage recently?

I'm not sure they're offered any more are they? I'm on an interest only mortgage but have had it since 2007.

I'm pretty sure you can't get them any more.

They are available but it’s unlikely you could arrange a switch by early March. Do you have any redemption penalties on your current mortgage?

No redemption clauses . I've been paying my mortgage for 13 years.

I would discuss options with your bank

As far as I was aware you can get interest only but you have to show you have means in place to be able to pay it back at the end of the term.

Hi, it's likely that your lender would consider it as part of a forbearance strategy but for a very limited time. They are other 'COVID' related options available, check them out here www.fca.org.uk/consumers/mortgages-coronavirus-consumers

I would however speak to your lender ASAP - they should consider all cases where people are struggling sympathetically.

Hope that helps