Interest Only Mortgage advice please

Stavros_3

Hi, very informative website. Can you assist please. We are in the process of moving my mother-in-law down here to be near us. We have her house for sale and 2 buyers have put in the asking price, but the usual hassle of being in a one house chain. We have seen a suitable small bungalow here and we want it. What I would like to know is where can I get a good deal on a standard variable interest only mortgage with no early penalty for paying it off. I want to borow 100k over 5 years but in reality I will be in a position to pay that back in 5 months either that or we sell her other propert beforehand. Are there any comparison tables anywhere that you don't have to fill in a 4 page questionaire and send your details off, any advice would be thankfully received, many thanks

homer_j_3

Firstly, you are a brave person agreeing to lessening the distance between you and your mother in law. You are a braver person than me lol.

Secondly, you can get fixed rates with no early repayment charges which may be a lot more suitable and cheaper than a standard variable rate mortgage.

As you are looking for something quite specific, I would go an see a broker who will be able to source you the right deal fairly painlessly.

Stavros_3

OK, panic time, the vendors of the property for the M.I.L have accepted our offer. Now need 100k in the circs I describe in my opening post. Point taken about a broker but anyone know of any High Street lender with what I want for around 6 - 6.5%, No penalty for early paying off and preferably no admin fee . thanks

Moggett

Woolwich and C&G have got tracker deals at 5.92% with no early repayment penalties and no arrangement fees. You could also try Newcastle BS with atracker at 5.65% and Cambridge BS with a discount at 5.7%