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Interest Only Mortgages
londonsaint81
Posts: 7 Forumite
Trying to get an interest only mortgage but most lenders now say they want 50% deposit.
Does anyone know of any lenders that require a lower amount of deposit than 50%?
Thanks!
Does anyone know of any lenders that require a lower amount of deposit than 50%?
Thanks!
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Comments
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londonsaint81 wrote: »Trying to get an interest only mortgage but most lenders now say they want 50% deposit.
Does anyone know of any lenders that require a lower amount of deposit than 50%?
Thanks!
Yes, but 75% LTV is the max and you would need to prove at least :
1) £1m pension
2) min £50,000 in stocks or shares
3) an endowment where the middle figure is equal to or more than what you want to borrow.
Repayment it is then!!!?0 -
Simon_gloster wrote: »Yes, but 75% LTV is the max and you would need to prove at least :
1) £1m pension
2) min £50,000 in stocks or shares
3) an endowment where the middle figure is equal to or more than what you want to borrow.
Repayment it is then!!!?
I have 30% equity to put down but not the other criteria...
Looking to re-mortgage from current deal and its proving difficult!
I think my monthly payments are going to increase by £300-400
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How are you intending to repay the mortgage?0
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Savings and investments, ISAs, etc.
I wanted interest only as it would have enabled me to save more each month and then pay off the capital in lump sums when I wanted...0 -
londonsaint81 wrote: »Savings and investments, ISAs, etc.
I wanted interest only as it would have enabled me to save more each month and then pay off the capital in lump sums when I wanted...
The criteria I mentioned is only a snapshot but it gives you a general idea....no-one wants to do Interest Only anymore.
If your Savings, ISA's etc combined add to more than £50K you will be in a good position to be eligable for IO.0 -
HSBC and First Direct's websites suggest that 30% IO mortgages are possible from them.0
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londonsaint81 wrote: »Savings and investments, ISAs, etc.
I wanted interest only as it would have enabled me to save more each month and then pay off the capital in lump sums when I wanted...
Offset?
...0 -
londonsaint81 wrote: »Savings and investments, ISAs, etc.
I wanted interest only as it would have enabled me to save more each month and then pay off the capital in lump sums when I wanted...
Viola stole my thunder. An offset mortgage sounds like a potential solution.
Do you really expect savings accounts such as cash ISAs to earn more than the interest you pay on a mortgage?0 -
opinions4u wrote: »Viola stole my thunder. An offset mortgage sounds like a potential solution.
Do you really expect savings accounts such as cash ISAs to earn more than the interest you pay on a mortgage?
Sorry sir.
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made to play second fiddle by a viola!0
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