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07 January 2009

Converting mortgage from interest-only to repayment?

I currently have an interest-only mortgage of 32k which I have had since October 1999. Due to the recent drop in interest rates we are seriously considering switching to a repayment mortgage. We currently have savings of approx 17k in ISA's and high interest regular savings accounts. I have a SVR mortgage with a local building society who have dropped their rates from 6.75% to 4%. I would also say that my endowment currently has a shortfall of 3k. How easy is it to switch to repayment and are there normally any fees? We will also look to move in 3 - 4 years time so wondering if worth it in long-run.

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