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MORELLO | 12:24 Fri 27th Apr 2007 | Business & Finance
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How much money can be saved by switching a mortgage to interest only for a while? I'm currently on a tracker at around 5.75%, paying �449 a month. I need some extra income for a couple of years, and someone suggested raising it by changing my mortgage temporarily. Is this viable? Advice please...
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Find out the capital sum outstanding on the mortgage, multiply it by 5.75%, divide by 12 and you have the interest you are paying each month.

If you switch to interest only, bear in mind that it may be at a different interest rate, and that there may be fees to switch.
14:59 Fri 27th Apr 2007

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