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Interest Only mortgages
withabix
Posts: 9,508 Forumite
Looking to move later this year and need some opinions and advice.
To date, I'm on my third house in 12 years. First two were with my ex-wife, hence I 'returned to Go' just under 4 years ago - back to 5% deposit, 95% mortgage after settlement and debts.
I have benfitted from the rising market and have a house worth £130K with £48K mortgage outstanding.
I'm 37 hence I have a potential 28 years until normal retirement age, or 23 until I want to retire.
I'm down to get a decent inheritance in the future (yes, morbid consideration, before you say it!!), which would pay off the mortgage.
Firstly, should I go for an interest only mortgage on this basis - I want to borrow max £150K to give me a maximum purchase price of about £230K ?? My income would get me a mortgage of between £143K and £176K or £175K to £210K with my partner's included.
Secondly, will mainstream lenders give me an interest only mortgage without me setting up an investment to pay it off? I'm currently with C&G and would probably stay with them.
To date, I'm on my third house in 12 years. First two were with my ex-wife, hence I 'returned to Go' just under 4 years ago - back to 5% deposit, 95% mortgage after settlement and debts.
I have benfitted from the rising market and have a house worth £130K with £48K mortgage outstanding.
I'm 37 hence I have a potential 28 years until normal retirement age, or 23 until I want to retire.
I'm down to get a decent inheritance in the future (yes, morbid consideration, before you say it!!), which would pay off the mortgage.
Firstly, should I go for an interest only mortgage on this basis - I want to borrow max £150K to give me a maximum purchase price of about £230K ?? My income would get me a mortgage of between £143K and £176K or £175K to £210K with my partner's included.
Secondly, will mainstream lenders give me an interest only mortgage without me setting up an investment to pay it off? I'm currently with C&G and would probably stay with them.
British Ex-pat in British Columbia!
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Comments
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I have part of my mortgage as interest only. All my over payments go to reducing this and I have life insurance in place if any thing happens to me.£2 Coins Savings Club 2012 is £4
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NPFM 210 -
I certainly wouldn't.It's not easy having a good time. Even smiling makes my face ache.0
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Wickedkitten wrote:I certainly wouldn't.
Hiya , is there any particular reason why you wouldnt go for an interest free mortgage? What about if it was only for a fixed term period whilst you got yourself on your feet? Thanks
I love this site :beer:0 -
I'd love an Interest FREE mortgage, but I'm sure you meant to put Interest ONLY!!British Ex-pat in British Columbia!0
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