Good morning,
I thinking changing your mortgage to interest only is a very good idea.
An interest only mortgage is a mortgage where you only pay back the interest on the loan, and none of the capital debt is repaid directly.
Once you get to the end of the mortgage term, you will pay back the capital payment in full.
The advantage of this type of mortgage is although you are still making monthly payments into an investment fund, these payments are likely to be a lot lower than the monthly mortgage payments you would pay on a normal repayment mortgage. Your interest only payments will be low each month and so you can release some more money for creditors.
Kind regards,
Julia
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