Donate SIGN UP
Home > Business & Finance > Mortgages

Mortgages

Avatar Image
MORELLO | 11:24 Fri 27th Apr 2007 | Business & Finance
1 Answers
How much money can be saved by switching a mortgage to interest only for a while? I'm currently on a tracker at around 5.75%, paying �449 a month. I need some extra income for a couple of years, and someone suggested raising it by changing my mortgage temporarily. Is this viable? Advice please...
prev Insurance Policy
  
next What info is shown on a credit report?
Gravatar

Answers

Only 1 answerrss feed

Best Answer

No best answer has yet been selected by MORELLO. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
Avatar Image dzug
Find out the capital sum outstanding on the mortgage, multiply it by 5.75%, divide by 12 and you have the interest you are paying each month.

If you switch to interest only, bear in mind that it may be at a different interest rate, and that there may be fees to switch.
13:59 Fri 27th Apr 2007

Only 1 answerrss feed

Do you know the answer?

Mortgages

Answer Question >>