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Repayment vehicles for offset mortgages?

Dragonrider
Dragonrider Posts: 170 Forumite
Part of the Furniture Combo Breaker
in Mortgages & endowments
Apologies if this is a really silly question, but if you apply for an interest only offset mortgage, what do they accept as a repayment vehicle? Is it enough to say how much you are planning to offset each month, and if so, how are you expected to prove it?

Thanks!

Dragonrider

Comments

  • ACG
    ACG Posts: 24,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Why would you have an interest only mortgage if your planning on paying it off each month :S
    I am a Mortgage Adviser
    You 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.
  • Dragonrider
    Dragonrider Posts: 170 Forumite
    Part of the Furniture Combo Breaker
    When I looked at the First Direct offset mortgages, they said they were interest only. I know other lenders offer repayment offset mortgages, but was wondering what First Direct expect from their customers who take theirs out.

    Thanks,

    Dragonrider
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HSBC have withdrawn interest only. Unless an applicant earns over a £100k per annum.
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