Max lending & interest only advice pls

MascaraMinx

Hi, I’m seeking a little general advice before I approach a broker to manage my own expectations - please be gentle!

Never had an interest only mortgage before, however a part & part might be my only option to keep my house post-divorce.

The big question is - how likely am I to find a lender who will lend almost 5 x salary on a part & part repayment  basis?

I can demonstrate affordability of  Mortgage repayments, job security (public sector for 20 years), excellent credit record,  and a pension lump sum based strategy to repay at the end of the mortgage term.

Just after a general feel as to whether this would be an absolute no-no or something certain lenders might consider. Thanks!

Thrugelmir

Interest only is a very limited market. On a 5 times salary basis sounds as if affordability is extremely stretched. Speak to a mortgage broker. 

dimbo61

Until you sit down with a broker and put all your cards on the table we would be guessing if this is possible.
They can check your credit score, income, pension, age, affordability, LTV and job security.
5X Income might be OK if you earn £50/60,000 a year but much more of a stretch at say £15/20,000 as you need X amount of money for the basics !