By moving to Interest only you are only building up more debt . Have you considered moving to a lender with a lower rate? Your LTV (Loan to value ratio) on your mortgage is probably close to 60% - you could get 4.6% from NIB - is this lower than your current rate?
Hi there,
Yes First Active do not offer Interest Only on the off-set mortgage, so I asked to change to a tracker mortgage with them. Believe it or not, that means a whole new mortgage, and the expense of solicitors, valuation etc.
Could they not just change over as my mortgage is with them.!!!