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Interest only for 16yrs ready for repayment now
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LYG30
2 Posts
(Offline)
1
10/12/2023 - 3:51 pm

Hi there,

I hope someone can help on steps to take.

I bought my house in 2007 and I have been on interest only since.
I think I am financially able to change to repayment now.

Please any advise on what to do and how to go by it will be greatly appreciated.

Thanks

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Hayley@simplyadverse
161 Posts
(Offline)
2
11/12/2023 - 7:44 am

Hi there,

Much will depend upon the detail of your situation and current mortgage. Product and situation depending firstly you can see if your existing mortgage company will transfer you to full repayment or alternatively what level of overpayments they will allow.

Outside of this speaking with a mortgage adviser will allow them to determine any other solutions.

Best of luck

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LYG30
2 Posts
(Offline)
3
12/12/2023 - 12:20 am

Thank you for your response.

I will approach my existing mortgage company first.

Thanks

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Your home may be repossessed if you do not keep up repayments on your mortgage.