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part interest only
hemple
Posts: 17 Forumite
I have a part interest only mortgage with 80k of it being on interest only. it is in joint names with ex and I am wanting to transfer equity. Got a call off BS and started affordability decision but they asked me if I had a repayment vehicle in place for interest only. I do not. I have looked around on internet and cannot seem to find any endowment type policies. Can anyone point me in the right direction of a repayment vehicle for this that I could take out now as I have a feeling the BS wont be best pleased I do not have one in place already !
I have an NHS pension , could this be used ????
any advice appreciated.
I have an NHS pension , could this be used ????
any advice appreciated.
0
Comments
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You will need to establish your lender's list of acceptable repayment vehicles. This is not standard for all lenders as many won't accept newly started plans.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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When does the current mortgage term end? That will give you some idea of how much extra per month you will need to save to pay of the IO part.0
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25% lump sum from NHS pension may help. As above check with the lender0
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