Pay mortgage of early

andrewheaton3694

I have a 36k deposit, i can save 36k a year, i am looking at getting a mortgage for 150k. the idea around saving so much is to pay my mortgage of under 5years what would be the best mortgage for me. I was thinking a interest only, please help.
Cheers:money:

kingstreet

There is little appetite for interest-only lending these days, especially with no formal repayment vehicle.

I suggest a tracker product with no early repayment penalties as an alternative.

Let_Us_See

IO at just over 80% LTV - not likely. As you intend to make considerable overpaymemnts and the majority of schemes only permit 10% per annum, ensure you select a scheme with no redemption penalty at any time.

dimbo61

Have a look at offset mortgages.
You can build up savings in the offset account while making the normal repayment payment every month

SG27

Save up for 5 more years and have no mortgage at all! Pay it off before you even get it!