Interest Only Mortgage - Bank Requirements

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clonjess

Registered User
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Hi - would anyone know what the bank require in order for me to go interest only on my mortgage?? ie must i have lost my job or something along those lines????? thanks!
 
No. You dont have to have lost your job. Ring up the bank. They will send you out a form and a budget sheet. You will need to detail why you want to go interest only as well as fill out the budget form showing details of income and expenditure, details of other loans, credit cards etc.

Its quite a simple process, just be aware that by going interest only it will cost you more in the long run
 
A financial advisor may surely help you out in the long run to plan accordingly and follow the same so as to reduce the cash outflow in the long run. So, if you wish to take the advice of an expert then do search for the professional financial advisors available online.
 
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