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Paying mortgage with interest?
FrankR
Posts: 140 Forumite
Say you had £300k savings.
You didn't buy the house outright.
Instead you decided to get a mortgage and pay it using the interest from the savings .. About £500 every month.
Is this possible?
I'm not in this situation, but theoretically speaking, is it possible?
Thinking more about a BTL mortgage here.
Would the mortgage providers class interest from savings as a secure source of income?
You didn't buy the house outright.
Instead you decided to get a mortgage and pay it using the interest from the savings .. About £500 every month.
Is this possible?
I'm not in this situation, but theoretically speaking, is it possible?
Thinking more about a BTL mortgage here.
Would the mortgage providers class interest from savings as a secure source of income?
-1
Comments
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there are thousands of posts explaining the basic requirements of a BTL mortgage - why not read them?
Then you will be able to ask purposeful questions1 -
Lenders will look at the LTV, rental yield and secure income eg salary.Say you had £300k savings.
You didn't buy the house outright.
Instead you decided to get a mortgage and pay it using the interest from the savings .. About £500 every month.
Is this possible? Yes - assuming you pass the lender's criteria for lending.
I'm not in this situation, but theoretically speaking, is it possible? Yes - assuming you pass the lender's criteria for lending.
Thinking more about a BTL mortgage here.
Would the mortgage providers class interest from savings as a secure source of income?No.
Lots of books on BTL - free at your local library.0
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