i've agreed to a new re-mortgage with my broker and its with Halifax. I wanted to go interest only but the broker says i have to set it up as capital and repayment initially and once its live i can then apply to change it to Interest only, However he said I MUST advise im doing this on the basis of Inheritance , which is true, and they will be ok with that. Just off the phone to the Halifax and they said they dont accept Inheritance based changes and im stuck on Capital and Repayment. Is there a way round this ? i would really like to be Interest only for a short term and dont have large savings sitting to declare.

Has my broker been pulling my leg ?

PS I fully understand the risks in interest only.

Thanks in advance

Craig

I suspect your broker has been caught out by the way things are changing in the mortgage market. What could be done last year is often not an option now I'm afraid.

Try asking Halifax again, in writing, with evidence of the inheritance...

ok thanks i will do that, when you say evidence of the inheritance what exactly do you mean and what do the banks look for? and what is defined exactly by inheritance ?

Thanks

Craig