best no tie-in interest only tracker?

ChuckleVision_2

I'm desperate to buy a house we have seen, but don't have a buyer for our house.

Most banks have stopped doing Bridging loans, so I've decided to go for second mortgage for a temporary period (probably a just a year).

What is the best no tie-in interest only tracker? Obviously the less set-up fees, best interest rate and no early repayment fee is best!.

Thanks.

dunstonh

Most banks have stopped doing interest only as well unless you have a repayment vehicle in place or its an investment property.

What deposit do you have for the second property and do you intend to let out your current one?

ChuckleVision_2

I intend to live in my current one whilst renovating the new one.

We are gonna have trouble finding 10% deposit too - so I might just have to give up :-(

HelpWhereIcan

Talk to a broker about funding one as a buy to let and the other as a residential to allow you toraise the money you need to fund the new purchase. Which one is which will depend on your equity and how the properties stack up.

The few deals with no tie in tend to be standard variable rates rather than trackers and, I suspect, you will need a similar deposit as that for buy to let (25-30%) to do it as a second mortgage - even assuming you have enough income to cover both mortgages.