Interest only mortgages still available...

Let_Us_See

Alan_Cross wrote: »

Oh and by the way... as I recall, in the first place, the mortgage was never sold to us on any kind of 'absolute guarantee of proof' of the existence of a repayment vehicle. No such proofs were ever asked for or provided.

So the mortgage was "sold" to you and the capital element was ignored and never discussed - even in any subsequent re-mortgages? I had some sympathy for your plight but it is quickly fading, as once again it appears to be everyones fault except your own.

marsman802

CKhalvashi wrote: »

That is, however, why my bank specifies a minimum income of £100k, or savings/investments of £50k and annual income of around the same, which isn't the case for residential mortgages.



We have seen people try to do it on here, and I'm sure that banks have had it done to them in the past, to get around whatever rules.

Right I see - there probably were some requirements somewhere around income/savings that I wasn't party to in that case but I guess investments can consist of property equity which we have quite a lot of across two properties and I reckon that is what did it for us.

People become desperate and try anything sometimes - there's only so much rules/regs will catch before a loophole is exploited.

CKhalvashi

marsman802 wrote: »

Right I see - there probably were some requirements somewhere around income/savings that I wasn't party to in that case but I guess investments can consist of property equity which we have quite a lot of across two properties and I reckon that is what did it for us.

The actual terms and conditions are that you have to qualify for HSBC Premier (sorry, I tried to word that without disclosing who I bank with, although many here could probably guess). It will be managed investments through HSBC, which could benefit high earners new to the UK due to qualifying for HSBC Premier anywhere in the world with that (We hold the equivalent product in Armenia, through our UK accounts)

People become desperate and try anything sometimes - there's only so much rules/regs will catch before a loophole is exploited.

This is not fit for being exploited too much now, as many of the more dubious lenders are out the market and things are (for the moment anyway) being checked thoroughly.

I know it was VERY easy to get away with several years ago (although I never did), to borrow larger amounts than available on residential through the high street banks.

Alan_Cross

Let_Us_See wrote: »

So the mortgage was "sold" to you and the capital element was ignored and never discussed - even in any subsequent re-mortgages? I had some sympathy for your plight but it is quickly fading, as once again it appears to be everyones fault except your own.

Yep, that about sums it up.

And my requirement for your 'sympathy' is waning in direct proportion to your irrationally increasing insistence on seeing my genuine request for information as some kind of whinge. I have a problem and I'm asking for advice. I seem to remember seeing something on this site about treating such requests reasonably and in good faith, clearly an alien concept to you.

Thrugelmir

Mortgage_Mark wrote: »

In all honest, it's probably one for an experienced broker as they will know which lenders are more flexible around repayment vehicles. The general rule however is that the vast majority of residential mortgages now are repayment.

Interest only is a regulatory nightmare for banks, and they'd much rather not do it, but there are rare occasions when, BTL aside, they can do.

Over 96% of new mortgages are now repayment.

The legacy of the badly regulated lending years has some time yet to run. With interest only bound to be a major topic on the agenda given the sheer number that exist.

Let_Us_See

Alan_Cross wrote: »

I have a problem and I'm asking for advice. I seem to remember seeing something on this site about treating such requests reasonably and in good faith, clearly an alien concept to you.

Not at all. I posted interest only mortgages are available subject to various terms and conditions, and I even asked in post 26 "perhaps if you actually stated your 'problem' in detail you might receive more positive assistance."

If you need advice then you have to state your specific problem, not simply whinge, and whinge it is, and many people will try and help you. Surely not an alien concept?

Alan_Cross

Let_Us_See wrote: »

Not at all. I posted interest only mortgages are available subject to various terms and conditions, and I even asked in post 26 "perhaps if you actually stated your 'problem' in detail you might receive more positive assistance."

If you need advice then you have to state your specific problem, not simply whinge, and whinge it is, and many people will try and help you. Surely not an alien concept?

My request for information was in respect of the continued existence of IO mortgages. That was answered. In response to further posts, I outlined our broad position yesterday.

Instead of addressing that, you have chosen to take the route of carping and deliberately cynical hostility, giving more than the passing impression of viewing anyone on an IO mortgage as being de facto some kind of villain.

I have seen this kind of unsolicited, gratuitous unpleasantness before on this site and it is what turns people away from MSE in large numbers.

If you want targets for your nastiness, kindly seek them elsewhere. Sorry to deflate your expectations but I shall not be visiting this thread again to read your next gentle offering.

If anyone, by way of contrast, wishes to actually be helpful, please feel free to PM me, as others have already done.