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interest only mortgages
whattodoaboutcash
Posts: 1 Newbie
i was told yesterday by a well known bank that the FSA no longer want people to be able to have interest only mortgages, even when i have a 3rd of the value of the property to put down up front... can this be right? as i thought mortgage companies would want my custom, i don't see how they can lose... i wonder if that particular bank were just cherry picking as they said i could have interest only if i already owned a property worth £400k and wanted interest only on one worth £200k!!!!:eek: very frustrating.....
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Comments
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If you found a lender who would do IO, they'd most likely want evidence of a repayment vehicle. What is your plan for a repayment vehicle?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Why do you want Interest Only rather than a Repayment?
Lenders are tightening up on many things, with Interest Only being one of the main areas of concern.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A lot of lenders are doing retrospective checks on interest only applications to make sure that repayment vehicles put down on the application are actually in force and verifiable.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Ir appears that FD offset mortgages are run as if they were interest only.0
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