Interest only request denied!

[diehard]

Hi,

I currently have a 25 year investment mortgage with ACC bank. I requested to change to an interest only mortgage for 3 - 5 years but was informed that ACC do not change existing mortgages to interest only. My only option would be to re-apply for a new loan. This obviously would be costly. Any suggestion on how could go about getting an interest only motgage for 3-5 years from another Bank with limited expense?

 

[murphaph]

Might be worth contacting the Ulster Bank. Their switcher service does refer to "your homeloan" but doesn't state it has to be your home. They cover all legal costs associated with switching. They don't seem o mention interest only options but I was in with them today (I already switched my PPR loan to them last year for €0.00 and knocked 11 years off my mortgage) talking about topping up my mortgage and they quoted me repayment AND interest only figures, so might be worth a shot.