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How to get interest only with 67% LTV

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Comments

  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Chickpeas wrote: »
    Hmm ok I see your point. Is it at all likely they would give us a 'sabbatical' of 5 years or would they not entertain that ? I suppose I'm asking if it's worth asking them or not ? If we produced a budget to prove our living expenses were going to be higher than our income ( need a few years off to go and look after elderly parents overseas, would then have 2 lodgers in the house to cover the mortgage) which would support the rationale for the interest only ?? Is this worth the effort ? We don't want to have to lose our current mortgage product if we can help it but will have to source another product if Santander doesn't agree.


    You may lost your product anyway if you are intending letting the property - you will need the lenders permission to do so
  • No wouldn't let the whole property out. We'd just have lodgers and keep our bedroom so we have somewhere to come back to when spending time in the uk and we need to check up on things here. It will still be our permanent address.
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dont think that is the definition of a lodger.
  • So what is the definition then ?
  • glosoli
    glosoli Posts: 739 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    You could try a budget planner but expect them to suggest your expenditure is cut to the bone before they assist, and even then their solution may not be interest only for five years, it could be much shorter than that if at all or it could be a payment holiday. I don't mean to sound negative I'm just pointing out the hoops you have infront of you with no guarantee of success.
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    https://m.spareroom.co.uk/content/info-landlords/whats-the-difference-between-a-tenant-and-a-lodger/

    Bottom line is you wont be living in the property for the best part of a 'few years'. Your residential mortgage wasn't given for that purpose.
  • You may struggle to do it if on the one hand you are trying to show your income isn't high enough but then say your income is £107k

    If you are planning on leaving the country they really won't like it. You could ask for consent to let and rent the whole property out if they agree but they wouldn't let you change to interest only for this
    I am a Mortgage Adviser
    You 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.
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