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Short term mortgage
WhoDat_2
Posts: 1 Newbie
My wife and I have a mortgage free house worth approx £700k and savings of £350k. I'm 67 and retired and my wife will be 65 in July but is still working. Our current income is approximately £60k p.a.
We have seen an apartment that we'd like to buy now for £650k but we don't want to move into it for probably a couple of years.
Can we get a short term interest only mortgage for say £400k which we'd clear when we sell our current property in 2 or 3 years? We're not looking for an equity release mortgage but we could offer our existing property as security.
Your advice appreciated.
We have seen an apartment that we'd like to buy now for £650k but we don't want to move into it for probably a couple of years.
Can we get a short term interest only mortgage for say £400k which we'd clear when we sell our current property in 2 or 3 years? We're not looking for an equity release mortgage but we could offer our existing property as security.
Your advice appreciated.
0
Comments
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Short answer no. Maybe £300-£350k max repayment over a max 10 yr term unless you have credible repayments plans for interest only.
Likely to be a non starter unless you sell and buy at the same time.0 -
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