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Interest only mortgage
Posted: Fri Mar 10, 2017 6:30 am
We're looking to remortgage but want to stay interest only.
Anyone know of anyone still offering interest only mortgages without you having to have millions in the bank? Thanks
Posted: Fri Mar 10, 2017 11:19 pm
There are a couple of lenders who will do it, most need you to be earning around Â£70k a year and have about 50% equity, although there are some exceptions. It may cost you a little more in rates than the high street are offering however. Have you spoken to your current lender to see if they can switch you to a new deal?
Posted: Sat Mar 11, 2017 10:36 am
have you got a payment vehicle in place to pay the mortgage when the interest only finishes?
Posted: Sat Mar 11, 2017 8:28 pm
Thanks for the reply ACG. Not yet but we will be. It usually goes up at the end of each term even with a new deal. I noticed that on comparison sites we could halve our payments elsewhere but they seem to require a hefty salary or boat loads in the bank.
Posted: Sun Mar 12, 2017 10:33 am
CSGohan4 - we have a property in trust to us but not sure if they would accept that?
Posted: Sun Mar 12, 2017 8:53 pm
We're with Santander salary of under Â£50k, LTV of 50% took it out just over 12 months ago amount outstanding of Â£150,000 so possible.
Posted: Mon Mar 13, 2017 4:29 am
Thanks Welshlassie. We're actually with Santander at the moment and our circumstances look very similar. I'll see what remortgage deals they have too. :-)
Posted: Mon Mar 13, 2017 3:28 pm
Santander now require Â£50,000 income for a single applicant or Â£75,000 for two applicants to offer interest only.
There are other options but few.