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Tracker Mortgage - Interest Only

  • 05-08-2013 3:23pm
    #1
    nixermixer
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi there,

    I have an existing tracker mortgage and I don't have any repayment issues. I want to get some money together in the next 2 years (to build) and am considering turning to interest only in an attempt to save extra money. Would I be in danger of losing my tracker rate or how does this work? Do all terms remain the same except you just pay interest? Obviously my tracker is extremely valuable and I wouldn't let it go so I would want assurances from the bank that I would still be on a tracker in 2 years time.

    Would appreciate any responses.

    Thanks.


Comments

  • #2
    RMC10
    Registered Users, Registered Users 2 Posts: 101 ✭✭RMC10


    Hi nixermixer,

    Do you have an optional interest only period built into your mortgage?

    Why the bank would let you pay interest only for saving purposes if you have affordability for full payments?

    Either way any arrangements or variation you take with a bank should not affect your rate but be sure to double check it.


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