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Residential mortgages - is interest only possible?
questionss
Posts: 322 Forumite
Deposit would be in the region of 50-60% (over 500k)
Ltd company contractor and salaried employee. Joint income fluctuates with dividends taken bonuses etc.
Ideal would be minimal monthly payments with opportunity to over pay large lump sums 1-2times a year.
Aim is to pay off from income/savings in 7-10yrs.
There is no term investment vehicle planned - will this need to change?
PlanB if circs change would be to sell up.
currently mortgage free
Ltd company contractor and salaried employee. Joint income fluctuates with dividends taken bonuses etc.
Ideal would be minimal monthly payments with opportunity to over pay large lump sums 1-2times a year.
Aim is to pay off from income/savings in 7-10yrs.
There is no term investment vehicle planned - will this need to change?
PlanB if circs change would be to sell up.
currently mortgage free
0
Comments
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On 50% LTV there may be options...it's one for a good broker though.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0
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Agreed, you are one of the few applicants who will have interest only options in the current Market.
From what you have suggested, you are also likely to meet the income thresholds required by many Lenders offering interest only arrangements.
Broker only.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
offset seems to be an option for this sort of cash flow
First Direct offsets I believe they are still available on interest only
Do they lend to this type of income?
Even if not interest only with an offset pot you can manage the payments from that to deal with cash flow so that opens up other lenders.0
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