Putting SVR mortgage on interest only. How do I go about this? Best reasons for Bank?

[jimmycooker]

Hi,

I want to put my mortgage on interest only.

What are the best reasons to give for this (to guarantee they will allow it).

The mortgage is not a 'tracker' so isn't 'costing the banks'.

Thanks,
James.

 

[rustbucket]

The 'best' reasons are the real reasons. Always best to approach banks honestly.
Outline why you feel you need to switch to interest only. They will ask you to fill out a form detailing income and expenditure. Its a simple process. There is no guarantee they will allow it

 

[mum2009]

has anyone expericence of getting interest only and for how long?
Thanks very much

 

[wbbs]

Priority for interest only or any reduction in payments is normally given to those that are unemployed or have reduced income for whatever reason. As a rule you might be offered it for an initial period of 3 to 6 months depending on lender with a review at the end of that time. That's not to say they won't extend it probably for up to a year but they will want to review each time to ensure circumstances have not changed.

 

[Finlandia]

has anyone expericence of getting interest only and for how long?
Thanks very much

HI I wen on interest only 6 months ago and went back to the bank last week to review it and see if it could be extended for another 6 months, i was told there shouldn't be any problem and will know for definite in a couple of days.

If you can prove that you are not in a position to pay full payments, they generally try to come to some arrangement.