Interest only mortgages

momo1975

Hi,

I have a 2nd house that is currently rented and i would like to get a 3rd property to rent out again, does anyone know who does interest only mortgages that i can switch my 2nd home to so that can free up some cash?


thanks

VIGILANT22

You mean you want your buy to let to become your principal residence and release equity on it?

momo1975

No I want to change the mortgage on my 2nd house which is currently rented and has a repayment mortge (ie capital and interest) I want
to change this to a interest only thus reducing my ougoings enabling me to free up monthly cash so I an use for another interest only property

VIGILANT22 wrote: »

You mean you want your buy to let to become your principal residence and release equity on it?

VIGILANT22

A 2nd property, not BTL, but rented!!!??.....

1. How is your credit file, any missed payments, defaults
2. What LTV are you looking to take 2nd property to
3. Will yr income support 2 mortgages?

many more factors to consider but a starting point.....

Thrugelmir

momo1975 wrote: »

No I want to change the mortgage on my 2nd house which is currently rented and has a repayment mortge (ie capital and interest) I want
to change this to a interest only thus reducing my ougoings enabling me to free up monthly cash so I an use for another interest only property

And the deposit to purchase the 3rd property?

VIGILANT22

mis/post....................

momo1975

Look, I am not being funny but that's nothing to
d with my question which was what banks do interest only mortgages ? The reason why is really not the issue

VIGILANT22 wrote: »

A 2nd property, not BTL, but rented!!!??.....

1. How is your credit file, any missed payments, defaults
2. What LTV are you looking to take 2nd property to
3. Will yr income support 2 mortgages?

many more factors to consider but a starting point.....

VIGILANT22

momo1975 wrote: »

Look, I am not being funny but that's nothing to
d with my question which was what banks do interest only mortgages ? The reason why is really not the issue

You are 100% correct, quote: " I am not being funny"....:T...:rotfl:

The naivety of your question would suggest your overall knowledge of mortgages is...shall we say "limited". The questions I posted was indeed relevant .......You won't find any bank/lender with a sign above the door saying "Interest Only Mortgages Here".........

I should have added....As opinions4u has explained..."Most lenders do interest only mortgages"....Don't want to mislead anyone that these are not available, however the criteria to qualify for these has become much tighter....and it is not as simple as saying ie Halifax do interest only mortgages........

opinions4u

momo1975 wrote: »

Look, I am not being funny but that's nothing to d with my question which was what banks do interest only mortgages ? The reason why is really not the issue

Most lenders do interest only mortgages.

That's an accurate answer to your question.

Without knowing the reason why, it's just about impossible to tell you which lenders will allow YOU to have an interest only mortgage.

So, the reason why (along with all the other questions asked) is EVERYTHING to do with your question, if you expect to get a helpful answer.

Thrugelmir

Thrugelmir wrote: »

And the deposit to purchase the 3rd property?

If need to free up cash to buy the property, suggests you don't have the necessary capital to fund an expanding empire.

Reducing a mortgage from repayment to interest only is scrapping the barrel.

Lenders now will in the main require a repayment vehicle to discharge the capital owing.

VIGILANT22

Thrugelmir wrote: »

If need to free up cash to buy the property, suggests you don't have the necessary capital to fund an expanding empire.

Reducing a mortgage from repayment to interest only is scrapping the barrel. QUOTE]

.......and taking the above into consideration.... some would be very hesitant about raising capital/releasing equity to fund a deposit on another property and quite rightly so.....