Hi there,
When we got our mortgage first we paid extra off it. At one point in time we were paying double due to the interest rates going down and not amending the standing order amount with the bank
We have since moved to the base repayments ie interest + capital at today's borrowing rate (we have a tracker mortgage)
Anywa we would like to go interest only on this mortgage now, until we have reclaimed the "extra" that we have paid in. We would like to go interest only until we have returned the mortgage to the same term, we took the mortgage for originally (it was a 29 year mortgage, but we had cut the term significantly due to the overpayments)
I'm just not sure how I word it for the bank?
We do not want to go into arrears, we do not want to go beyond the original term of the mortgage etc
Equally we don't want to affect our tracker.
Could they try and take us off it if we go interest only for a period?
Or is the way I explained it enough? Will the bank accept our request? Do you have to state a reason for going interest only? Will the fact we've paid extra for 2 years count for anything?
I don't want to go to the bank and get turned down as I've worded it wrongly.
When we got our mortgage first we paid extra off it. At one point in time we were paying double due to the interest rates going down and not amending the standing order amount with the bank
We have since moved to the base repayments ie interest + capital at today's borrowing rate (we have a tracker mortgage)
Anywa we would like to go interest only on this mortgage now, until we have reclaimed the "extra" that we have paid in. We would like to go interest only until we have returned the mortgage to the same term, we took the mortgage for originally (it was a 29 year mortgage, but we had cut the term significantly due to the overpayments)
I'm just not sure how I word it for the bank?
We do not want to go into arrears, we do not want to go beyond the original term of the mortgage etc
Equally we don't want to affect our tracker.
Could they try and take us off it if we go interest only for a period?
Or is the way I explained it enough? Will the bank accept our request? Do you have to state a reason for going interest only? Will the fact we've paid extra for 2 years count for anything?
I don't want to go to the bank and get turned down as I've worded it wrongly.