interest only mortgage no repayment vehicle -options?

Boscoe

My northern rock deal is coming to an end. My property is worth about £550k and mortgage is £320k. I want an interest only deal as property was bought as an investment with a friend (great timing!) and intend to sell as soon (if) the market picks up. As want flexibility to sell as soon as possible don't really want any early redemption charge or even fixed rate deal. So feel am looking at SVR. One account looked a possible but as have no repayment vehicle in place (as will be selling and downsizing) i am concerned this will be an issue with lenders.

Does anyone have any advice/thoughts on possible lenders? Or other options?

Many thanks.

_Andy_

You'd be best off speaking to a decent broker. The fact there's no repayment vehicle will rule out quite a few lenders but there are some that would be happy to lend given the large amount of equity in yoru home.

Boscoe

Thanks Andy, I was thinking that. Just not sure how to find a good mortgage broker although have been looking at the advice on this site...

Pssst

Out of interest,what repayment vehicles might you use these days?

feisty1

[quote=Boscoe;18569353_Does_thoughts_on_possible_lenders?_Or_other_options?_.[/quote]


If you plan to sell the property, why are you looking to change lenders?

pixiepie99

feisty1 wrote: »

If you plan to sell the property, why are you looking to change lenders?

They are going to hold on to it until the market picks up.

In which case I reckon a 15-20 year fixed deal would be fine.

When we signed up for our A&L mortgage we didn't need a repayment vehicle but now for all new borrowing you do. Now every time we call them with a query about our mortgage they lecture us about the need to have a repayment vehicle.

feisty1

pixiepie99 wrote: »

They are going to hold on to it until the market picks up. In which case I reckon a 15-20 year fixed deal would be fine. quote]


:T :T :T :T :T :T :T :T :T :T :T :T

Boscoe

The interest on a SVR with NOrthern Rock isn't great and we could do with consolidating some credit card debt from the refurbishment bottom less pit...! It may be that we will stay with Northern as the costs of moving lender may not add up. I just can't see us selling before next year but just about all fixed deals have quite punitive tie ins usually for at least 2 years and i would be hoping to sell before then.

getmore4less

How much do you need to sell for and what do you think the current value is?

If not underwater allready you may get out without losing money if you are a quick.

Market pick up by next year, I think not.

feisty1

Boscoe wrote: »

The interest on a SVR with NOrthern Rock isn't great and we could do with consolidating some credit card debt from the refurbishment bottom less pit...! It may be that we will stay with Northern as the costs of moving lender may not add up. I just can't see us selling before next year but just about all fixed deals have quite punitive tie ins usually for at least 2 years and i would be hoping to sell before then.

You can't have it always, if you want to consolidate you will have to move, as NR are currently not offering further borrowing to existing clients, if you want to enter into a contract for security of payments, & then exit when it suits you, I wouldn't consider redemption costs "punitive".