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    • infh2
    • By infh2 13th Mar 17, 9:14 AM
    • 4Posts
    • 0Thanks
    infh2
    Interest only mortgage
    • #1
    • 13th Mar 17, 9:14 AM
    Interest only mortgage 13th Mar 17 at 9:14 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
Page 1
    • ACG
    • By ACG 13th Mar 17, 9:50 AM
    • 15,767 Posts
    • 8,065 Thanks
    ACG
    • #2
    • 13th Mar 17, 9:50 AM
    • #2
    • 13th Mar 17, 9:50 AM
    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?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • csgohan4
    • By csgohan4 13th Mar 17, 10:42 AM
    • 3,958 Posts
    • 2,466 Thanks
    csgohan4
    • #3
    • 13th Mar 17, 10:42 AM
    • #3
    • 13th Mar 17, 10:42 AM
    have you got a payment vehicle in place to pay the mortgage when the interest only finishes?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • infh2
    • By infh2 13th Mar 17, 11:59 AM
    • 4 Posts
    • 0 Thanks
    infh2
    • #4
    • 13th Mar 17, 11:59 AM
    Interest only
    • #4
    • 13th Mar 17, 11:59 AM
    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.
    Last edited by infh2; 13-03-2017 at 12:03 PM.
    • infh2
    • By infh2 13th Mar 17, 12:01 PM
    • 4 Posts
    • 0 Thanks
    infh2
    • #5
    • 13th Mar 17, 12:01 PM
    • #5
    • 13th Mar 17, 12:01 PM
    CSGohan4 - we have a property in trust to us but not sure if they would accept that?
    • Welshlassie
    • By Welshlassie 13th Mar 17, 3:03 PM
    • 1,722 Posts
    • 2,981 Thanks
    Welshlassie
    • #6
    • 13th Mar 17, 3:03 PM
    • #6
    • 13th Mar 17, 3:03 PM
    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.
    • infh2
    • By infh2 13th Mar 17, 3:24 PM
    • 4 Posts
    • 0 Thanks
    infh2
    • #7
    • 13th Mar 17, 3:24 PM
    Interest only
    • #7
    • 13th Mar 17, 3:24 PM
    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. :-)
    • amnblog
    • By amnblog 13th Mar 17, 4:28 PM
    • 10,022 Posts
    • 3,902 Thanks
    amnblog
    • #8
    • 13th Mar 17, 4:28 PM
    • #8
    • 13th Mar 17, 4:28 PM
    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.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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