Mortgages

[ummmm]

How easy is it to swap from a repayment mortgage to an interest only?

[STAH]

It should be relatively straight forward.

However, your lender will want to know the source of repayment at the end of the term. They will not switch your mortgage to interest only without knowing this. For example, if your are due a legacy of �50,000 from your Aunt Ethel, then they would want to see the Will to prove this aswell as the existance of the funds (whether it be in a deposit account, portfolio of shares, or property).

Hope this makes sense to you.

[ummmm]

Like taking out an endowment policy?

[STAH]

Exactly. Endowment mortgages are essentially interest only mortgages where the maturing endowment policy would be the source of repayment at the end of the mortgage.

[ummmm]

Thank you very much for your help

[boro1986]

Why would you wanna change hun. At the end of the interest only you still have to pay all the money back