Have a repayment mortgage at the moment - dh wants to change

[numptysmummy]

As above. Would we be silly to go to interst only if we can still afford repayments? Things quite tight but not desperate isywim but he says we should have more money now while dc's are young and go back to repayments when they are older. We have a mortgage of 120 k and our house is worth 450k so lots of equity. Anyone done similar?

have you seen the 1.5 point cut in base rate?
If you are on a tracker your mortgage may have just got a whole lot more affordable

I think you will regret it! Because once the kids are older you may want to take them on longer/more exocic holidays, they are going to have more expensive hobbies, want driving lessons, you may not want to work anymore, your dh or you may want to retire early, but you will have this mortgage still round your neck.

My friend only has 8 years left to go on her mortgage and I am
We have 14 years left to go and are on a repayment mortgage. Every month we pay an extra £20 off - it leaves us tight but we want rid of the mortgage asap.

God no, if you can afford the payments on repayment mortgage just keep going.

Interest only is for desperate times imo.

It depends on whether you are likely to get lump sums (eg bonuses) to make repayments.

If not I would keep going
You don't want to be saddled with a mortgage for years.

Also on interest only it is compound so you pay more interest on the interest iykwim (ie you are paying additional interest on the bit that you would have paid off if you were on repayment, then interest on that etc etc)

PLUS
You want to have somewhere to go if times do get hard

You have played your aces already if you are interest only

Thanks all - kinda my thoughts as well. We're not desperate - yet!