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Is there a product to buy a house
PUREHOMES
Posts: 147 Forumite
to help me with this?
We are looking to move home. Looking at a home at £275,000. However, due to an addition to the family, we only really want to make payments on a mortgage of £200,000 (actually £150,000 as we have £50,000 deposit) for the next couple of years, then start paying the increased amount when my partner returns to full time work.
Is there any products which offer this, or would I need to get a property investor to help me out?
Thanks in advance for your co-operation.
We are looking to move home. Looking at a home at £275,000. However, due to an addition to the family, we only really want to make payments on a mortgage of £200,000 (actually £150,000 as we have £50,000 deposit) for the next couple of years, then start paying the increased amount when my partner returns to full time work.
Is there any products which offer this, or would I need to get a property investor to help me out?
Thanks in advance for your co-operation.
0
Comments
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Erm - you could take out an interest only mortgage and then start paying the capital off when your partner returns to work
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Can't you get a part repayment, part interest only mortgage?
I think Nationwide do these, probably along with loads of other lenders!Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
Im curious to know how youve arrived at the maximum figure of £200K? As the affordability of the loan will be affected by both the interest rate and the term of the mortgage. Going for a longer term mortgage 30 years or more and shopping around for a 2 year low interest fixed rate deal which will last until your partner is working again, could make it more affordable.
failing that, rob a bank or borrow from family?0 -
came to the £200k figure by doing exactly what you said...getting quotes for 30 and 35 year mortgages from different sources, and this was the figure which we thought most suited us.0
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