Interest only mortgage

[e.h]

Hi there,

I know there have been a few questions/answers regarding interest only mortgage payments and I wondered how best to approach my mortgage company with a view to going for interest only payments for the term of our IVA. I have asked them about this a couple of years ago and they said that "You can't afford it" which I thought was a bit daft as I can afford to make the full repayment payments every month! Any ideas on how to ask them to reconsider letting us go onto interest only payments????

Many thanks

Liz

[MelanieGiles]

A lot of my clients have had to do this recently, due to increased mortgage rates, and no-one has been turned down yet - but do remember that by reverting to interest only you have no tool by which your mortgage will eventually be repaid. It may also be possible to ask for part-captial repayment part-interest only.

Who is your current lender?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[e.h]

Hi Melanie

Thanks once again for your prompt response. My lender is GE Money (were Igroup but they got taken over I think).

Liz