Need advice on goin interest only..?

Morgage balance is €177,000..repayments are €1018 per month until november when i change to variable..repayments should then be around €830 per month...was 30 year morgae..28 years left..thinking of going interest only for a while..does anyone know when you go back to paying the full amount again how this effects repayments ? and how it effects the term of morgage ?...

First check with your lender if they will accept your request to go interest-only. They might not, which will render the rest academic.

If you do go interest-only, the repayments will generally be increased by a small amount at the end of the interest-only period to make sure you repay the loan within the original agreed term.

Your lender may require you to amend your life assurance policy to take account of the fact that the capital is not reducing, if you have a reducing cover life assurance policy.

Liam D. Ferguson

Thanks for that LD...will enquire with bank...thanks a mill.