Use house for long-term repayment

drowning-not-waving

We have been looking to move house, but find that houses where we are looking are more expensive than where we currently live. We are both in our mid 40s with children. We are looking to work to an area nearer where I work as I currently have a 2-hour commute each day (an hour each day). However, we have been on a interest-only mortgage for some years as it was the only way we could afford nursery fees. We have a deposit for 50% of the house value and then we would like to have a mortgage for 30% and interest only for 20%, ideally over 25 years. Our plan would be to live there whilst the children grow up and then in about 15 years to sell and buy somewhere smaller / cheaper. However, no one seems to want to consider using the house itself as the repayment vehicle for the mortgage. Can anyone make any suggestions? It looks like all we can get is a straight 20 year repayment - and we would find it hard to commit to that amount of money at the moment. (especially as my partner would need to find a job in the new area.)

Thanks for any help / suggestions.

Contemptuous

It's really difficult to get an interest only mortgage since MMR, and lenders really don't want you using the sale of your main residence as a repayment vehicle as it effectively makes you homeless.
Your best bet would be to speak to a broker to see if there are any lenders who would be willing to give you a mortgage on the terms you suggest.