Interest only,No early repayment fee,????

lauren1983

HI,

Just wondering if anyone knows of a good interest only mortgage that has no early repayment fee.

ive been searching but no luck yet.

Thanks

UK007BullDog

Mortgages are sold on the rate. If you want interest only or repayment is depending on your requirements and if the lender is willing to go down that route with you.

As for the early repayment fees the only ones really are the SVR mortgages. But they cost a lot more as the rates are much higher, but they have no early repayment fees.

If you give us a bit more info maybe we can help you or you should see a broker to get the best deals out there.

lauren1983

thanks,
your right i will have to see a broker,

I have been offered a property to buy at a good price and too good to miss realy but didnt want to pay alot if i was not going to be living there for a long time.

herbiesjp

You can get other deals apart from SVR deals where there are no early repayment fees

lauren1983

Are there any specific companies that do this?

sorry what is SVR?

herbiesjp

SVR is the Standard Variable Rate - so it is like a lenders version of the bank of england base rate. A lender can charge whatever it wants as an SVR, although market forces keep most lenders in the same region. This would be the most expensive way of borrowing on a mortgage.

Many lenders will ofer discounted/tracker deals without any penalties (apart from mortgage closing fees such as deed release fees etc)

Is this for a re-mortgage or purchase of a new property? What is the mortgage amount you are looking at?

lauren1983

Thanks for that,

the mortgage would be for a new property and would be about 55k.

Claire_Jones_3

I know C&G do tracker & discounted mortgages without tie in penalities. But Nationwide and Abbey National as far as I know have tie ins on their trackers, there may other lenders that don't tie you in but not sure.

hope that helps