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Interest Only - Requirements
sn0rg
Posts: 1 Newbie
Hi all
I'm currently on a Capital and Interest Repayment deal that will end in April. The last couple of years have been very tough for us, I lost my job, and had to take a much lower paid one.
Net result is that I want to switch to an Interest Only mortgage for a couple of years. My question is, will I be asked to prove I have some plan to prove I will be able to pay the balance of the mortgage?
My mortgage will only be about half the value of our home.
I'm currently on a Capital and Interest Repayment deal that will end in April. The last couple of years have been very tough for us, I lost my job, and had to take a much lower paid one.
Net result is that I want to switch to an Interest Only mortgage for a couple of years. My question is, will I be asked to prove I have some plan to prove I will be able to pay the balance of the mortgage?
My mortgage will only be about half the value of our home.
0
Comments
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Each lender has a different criteria0
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happybroker wrote: »it depends on your loan to value ratio also
POST 1 Quote"My mortgage will only be about half the value of our home."..:rotfl:0 -
VIGILANT22 wrote: »POST 1 Quote"My mortgage will only be about half the value of our home."..:rotfl:
it's a fair point made your in your usual manner vig!Happily an ex mortgage broker!0
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