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Can you borrow more on an interest only mortgage?
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mrb1972
Posts: 25 Forumite
Hi,
Probably a stupid question but is the max mortgage amount you can borrow on an interest only mortgage the same as a repayment? You can't borrow more if its interest only?
I'm pretty sure the max allowed would always based on the repayment model but thought I would ask anyway.
Thanks
Probably a stupid question but is the max mortgage amount you can borrow on an interest only mortgage the same as a repayment? You can't borrow more if its interest only?
I'm pretty sure the max allowed would always based on the repayment model but thought I would ask anyway.
Thanks
0
Comments
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As you have less options on interest only you may find you can lend less.I am a Mortgage AdviserYou 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.0
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Affordability calculations are a regulatory requirement. Irrespective of the repayment vehicle that's used to repay the debt owed.0
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