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Money Box: Should sister switch loans?

Byline: Lesley Collins

Q:MY sister has an interest only mortgage of pounds 19,000. After nine years she still owes pounds 11,000. Should she switch loans?

A WITH an interest only mortgage, the outstanding balance stays the same, so it sounds like your sister has a capital and interest mortgage. She is repaying capital and interest, meaning her mortgage will be fully repaid in nine years. She should keep this going but see a mortgage broker, who would confirm if it is beneficial for her to remortgage to a lower interest rate with an alternative lender.
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Title Annotation:Features
Publication:Sunday Mail (Glasgow, Scotland)
Date:Feb 27, 2005
Words:98
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