Does going interest only under mortgage charter affect getting new larger mortgage in the future

[Winter2028]

Thinking of going interest only during the 6 months of maternity leave. Would this have any consequences. The thing is my rate is 4.37% and it will reduce my mortgage by 300 quid.

Hi - this is my field of employment. No, taking the government charter option will have no bearing on further borrowing/lending at anytime in the future. Hope this helps.

It will have no affect on your credit history but your mortgage payments may be higher than the original payments when you switch back.

www.moneysavingexpert.com/mortgages/mortgage-charter-support/#interestonly

Congratulations! Going IO won't affect your credit rating but it will mean your mortgage balance isn't reducing, it can be a real help but I would recommend speaking with a broker, just to make sure you are fully aware of what you are doing with an eye on the future and your hopes for it. It can be reassuring talking it all through with a professional!