how to go about intrest only mortgage

hi, trying to find some info about this. -we have our mortgage 3 and a half years now. -its a 35 year mortgage. -we took a 3 month payment break about 1.5 years into mortgage as h2b was changing jobs etc. -our current repayments are €1380 per month and we're struggling how do i go about getting intrest only for say 6 months to a year? will the bank automatically do this if i request it or is there a whole application system for it? thanks in advance for any advice

hi, some friends of ours recently went about an interest only option and had to go through an application process, and were refused, not due to financial circumstances but that the bank in particular just weren't offering that option at the moment!! i personally thought it was a fairly weak answer!! but yes, they did have to go through an application process but i don't think it ever left the branch!!

Hiya I used to work for a bank and to get interest only you simply had to write in and request it. If mortgage is in both your names make sure you both sign the letter. I would give them a reason why you want it as this will help your case. They then send you out a form to sign which basically states you understand the implications of doing it and they will then apply it to your account! HTH

I just looked over my post and realised I made it seem like you would definatly get it. While you do just have to write in and request it, the bank can obviously say No aswell. Good Luck

There are certain conditions to getting an interest only mortgage depending on who it is with. I know with one lender you must have income (joint or single) of at least €100k and you loan to value must be 75% or less. best thing to do is contact your lender and see what options they can offer you, it will save time applying for the interest only, waiting on decision, possibly being declined and then having to explore your options....

[quote="Skittlespink":112qd73n]I just looked over my post and realised I made it seem like you would definatly get it. While you do just have to write in and request it, the bank can obviously say No aswell. Good Luck[/quote:112qd73n] h2b works in bank to and agrees this is how it works to both skittlespink posts!

[quote="jen-r":2esnswfc][quote="Skittlespink":2esnswfc]I just looked over my post and realised I made it seem like you would definatly get it. While you do just have to write in and request it, the bank can obviously say No aswell. Good Luck[/quote:2esnswfc] h2b works in bank to and agrees this is how it works to both skittlespink posts![/quote:2esnswfc] Yes you do request it in writing but you are not guaranteed to get it as it is based on certain criteria. My point is the op should ring them first to see if it is a viable option for them and if it is then send in their letter, but if the bank says its not an option for them then they will save themselves time by discussing the options over the phone and then proceeding.