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Interest only mortgage
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Posts: 296 Forumite
Hi
I have a property worth about 80k thats paid for. I also have savings of 30k. I wondered should I go for a new mortgage to buy another house for me to live in, could I put that deposit down and set it up as a n interest only / payment in bits mortgage. Eg meet the 300 a month interest but sometimes pay off lump sums etc..
I have a property worth about 80k thats paid for. I also have savings of 30k. I wondered should I go for a new mortgage to buy another house for me to live in, could I put that deposit down and set it up as a n interest only / payment in bits mortgage. Eg meet the 300 a month interest but sometimes pay off lump sums etc..
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Comments
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Interest-only with no repayment vehicle is now difficult to obtain.
Typically, it's available to those with big incomes and lots of equity. You may wish to research different lenders' criteria, then perhaps talk to an independent broker to see if they have any ideas...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
will be working and thus able to make payments, but didn't want to cripple myself with these as I have no children or dependants etc0
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Few lenders now do Interest Only mortgages !
You have heard of MMR ?0 -
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