We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Interest Only mortgage with no early redemption charges
Options
Jude123
Posts: 350 Forumite
We are looking to buy a plot of land and build a house on it. As we have a lot of equity in our current house and are not planning to sell our house until the new house is ready to move in we are thinking of remortgaging our current house to pay for at least the cost of the land. To keep monthly costs down, looking at an interest only remortgage. However, all that we have found from high street lenders have early redemption charges if we pay back the mortgage (ie when we sell our current house) with the first 2 years. Does anybody know any lenders that don't have these early redemption fees?
0
Comments
-
Yes, there are lenders with no ERP products that offer interest only mortgages. You need to consult a good broker.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 -
I have just spoken with L & C. As it is for a relatively short time they say that I need to go down the bridging loan route, which will no doubt cost a fortune. Perhaps I shouldn't have told them that we would be paying off the loan in 18 months.....0
-
No, you should have probably not have said that.
I did say consult a good broker.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 -
We brokers are not permitted to recommend on here.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards