Interest only mortgage?

Dee59 | 12:32 Fri 17th Apr 2009 | Business & Finance

3 Answers

My mortgage is with HSBC. Does anyone know if I am able to change from a repayment mortgage to an interest only mortgage with them?

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Ethel

It will depend entirely on your circumstances and the provisions you have in place to repay your mortgage at the end of the term, such as an endowment.
Phone them up to discuss it.

Dee59

Question Author

Thanks Ethel. I am waiting for them to ring me to arrange an appointment, Just was wondering if this was a viable request.

LCDMAN

If it is anything like my recent experience with Nationwide then they will require AT LEAST 150% of positive equity in the property (i.e if you owe �100k then the property must be worth at least �250k!!) before they will even consider it and, of course, you have to have some way of paying back the outstanding capital at the end of the mortgage term.

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