Hi,
We have an Interest Only Tracker mortgage on an investment property. When we got the mortgage, we started saving each month and put away roughly the amount that we would have been paying in capital (with the same bank). We now have about 10% of the mortgage amount saved. Does anybody know if it would be possible to pay this as a lump sum off the mortgage without affecting the terms of the mortgage (we do not want to lose either the interest only or the tracker!). We are just getting anxious about how safe our deposit is.
Thanks!
We have an Interest Only Tracker mortgage on an investment property. When we got the mortgage, we started saving each month and put away roughly the amount that we would have been paying in capital (with the same bank). We now have about 10% of the mortgage amount saved. Does anybody know if it would be possible to pay this as a lump sum off the mortgage without affecting the terms of the mortgage (we do not want to lose either the interest only or the tracker!). We are just getting anxious about how safe our deposit is.
Thanks!
