Halifax Interest only mortgage Application questions

simonrenishawsmith

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amnblog

In principle you can use this second property as a repayment method for an interest only application on the new property (provided the new property will be your primary private residence).


However, there are so many questions here that your are best advised to engage an independent mortgage broker to assist you.

amnblog

You don't need threads - you need a broker.

amnblog

'The idea being we were going to buy a house to do up and then sell and move'
'it would be interest only'
'Now unless we get a buyer immediately for our house we will look work out the cheapest option of paying the mortgage for the minimum term or just paying it of in one lump sum in the summer '
'how much more difficult it is to get an interest only mortgage and would there be any benefit to doing just a normal repayment mortgage given the short life span'


If you believe you know the best way to deal with the above issues to your best advantage without involving a broker I wish you the best of luck.

Dave_Ham

You appear to have a lot of questions for someone who believes it all comes down to numbers and risk.


Add to this a non typical situation and suggestion about using a broker, is probably a sensible one.


You have immediately limited yourself to one lender and there may be a better solution, that someone professionally qualified will be able to provide formal advice on.

amnblog

Dave_Ham wrote: »

You appear to have a lot of questions for someone who believes it all comes down to numbers and risk.


Add to this a non typical situation and suggestion about using a broker, is probably a sensible one.


You have immediately limited yourself to one lender and there may be a better solution, that someone professionally qualified will be able to provide formal advice on.

That's what I meant to say!

Dave_Ham

simonrenishawsmith wrote: »

Actually looking at I think you may be right.

I suppose what you are getting at is looking at to if its a better idea to use a broker who could perhaps find a mortgage where there is no early repayment charge and prehaps actually could save us thousands

The DIP has only had a soft search,

So can actually see where you are coming from now

Exactly the right thought process. Spending £x to save £y when y is bigger than x makes perfect sense to me..


Good luck

kingstreet

Not a lot of difference and Halifax asks no-one for bank statements, unless at 95% on HTB, or other unusual case (CIS Contractor for example.).

Thrugelmir

Why is the "seller" paying the stamp duty? Is the property a new build.

What matters more in principle is the amount you owe on your credit cards rather than the number you hold.

With mortgage lending lenders do not view risk in the same way as other forms. As is a low margin business. So having assets in itself doesn't reduce the potential loss to a lender if matters turn sour.