Interest-only mortgages

jamscho

Hi,

I have two properties, one I let out and one I live in. I am looking to remortgage and was wondering if I could get two interest only ones? I currently have one repayment and one interest only.

Thank you

getmore4less

Depends.

If the residential one is interest only then you could keep that, get a retention deal and convert the let one to I/O.

Converting the residential one to I/O will require some good numbers and be eligible for a product that allows I/O.

eg a FD offset can run I/O

John_G_Jones

I’ve three interest-only mortgages, and. O repayment ones, so it’s definitely possible.

I did have to show the bank ansensible plan to repay at the end of the term, but as that’s in nearly thirty years time that wasn’t difficult.

They did not even ask what my investment vehicle would be, they accepted that I’d save the money one way or another and that was that.

System

John_G_Jones wrote: »

I did have to show the bank ansensible plan to repay at the end of the term, but as that’s in nearly thirty years time that wasn’t difficult.

They did not even ask what my investment vehicle would be, they accepted that I’d save the money one way or another and that was that.

Funny how many people never do and we end up with people hitting retirement asking where they can get a mortgage.