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Interest only mortgage to buy retirement home
moneysaver2b
Posts: 38 Forumite
Hi
I wondered whether anyone knew of any mortgage companies who could offer a decent rate fixed rate interest only mortgage? We are buying a house to do up, with the intention of selling our current home within 4 years and moving permanently to new home, paying off the mortgage in full. New house worth around £270k. L & C could only offer 80% of new house value on interest only. We have an offer from J Charcol for 90% of value of new house, but with heavy set up costs.
We don't have a mortgage on current property which is worth around £370k and will pay the rest from savings.
Thank you.
I wondered whether anyone knew of any mortgage companies who could offer a decent rate fixed rate interest only mortgage? We are buying a house to do up, with the intention of selling our current home within 4 years and moving permanently to new home, paying off the mortgage in full. New house worth around £270k. L & C could only offer 80% of new house value on interest only. We have an offer from J Charcol for 90% of value of new house, but with heavy set up costs.
We don't have a mortgage on current property which is worth around £370k and will pay the rest from savings.
Thank you.
0
Comments
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You obviously have 20% of £270k in cash which is £54k or so.
If you remortgage your current place for £216k to make up your required £270k then your LTV would be 58.4% (216/370) which would surely be the easiest option.0
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