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offset interest free - any others except 1st Direct
peach_2
Posts: 29 Forumite
Hi
I'd like an offset, interest only mortgage. I know 1st Direct do them but I'm not lucky enough to earn 50Kpa so don't qualify. Does anyone know if there are any others on the market? I need to borrow £121K and have £50K in savings. Thanks
I'd like an offset, interest only mortgage. I know 1st Direct do them but I'm not lucky enough to earn 50Kpa so don't qualify. Does anyone know if there are any others on the market? I need to borrow £121K and have £50K in savings. Thanks
0
Comments
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A number of other lenders offer offset mortgages. If you look on a comparison site, there should be a search facility for offset mortgages.
You mention that you want an interest only mortgage. Any lender you approach for an interest only mortgage will want to know how you are going to repay this. Some will accept "sale of property" if you have a very low loan to value (ie a huge deposit compared with the size of the mortgage, thus the scope to downsize at the end of the loan). Most lenders will insist that you have some kind of repayment vehicle to repay the mortgage. If you don't have a repayment vehicle or a large desposit you will not be able to get an interest only mortgage.
The days of interest only where the lender does not ask any questions are long over.0 -
Check out YBS but you need a good deposit and excellent credit history0
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