Fixed Mortgage-Interest Only Payments-

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Please help, I am on a fixed rate mortgage, Amount 475K, and its a interest only repayment of 1800 per month.Its with IIB homeloans, I took it out 18 months ago, Its fixed at 5% till Jan 2011.
Can i do anything, can i switch to another lender, will the fix still apply,
please help,This is crippling. Please dont mention hindsight. They were different times then.
Fredda
 
Unfortunately you will not be able to switch provider without paying a breakage penalty to IIB, this could be quite high.
Your loan to value could also be an issue. You owe €475000, your house will need to be worth at least €516000 to allow you to switch.
If you are really struggling, you should contact IIB and see can they help. Sorry to be the bearer of bad news but as you are already on interest only, there may be little that IIB can do for you.
Contact MABS (money, advice and budgeting service). www.mabs.ie
 
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