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Interest only mortgage infh2

Posted: Fri Mar 10, 2017 6:30 am
by alfie
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
by convergent
There are a couple of lenders who will do it, most need you to be earning around £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
by Demonyte
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
by alfie
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
by alfie
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
by eichman
We're with Santander salary of under £50k, LTV of 50% took it out just over 12 months ago amount outstanding of £150,000 so possible.

Posted: Mon Mar 13, 2017 4:29 am
by alfie
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
by lucoatom
Santander now require £50,000 income for a single applicant or £75,000 for two applicants to offer interest only.

There are other options but few.