Interest only mortgage question

Gam2015

Hi all. I’ve seen a nice property i like and was thinking about getting an interest only mortgage for 2 years. And then in 2 years time remortgage it onto a capital repayment mortgage. My question is are interest only mortgages harder to get than a repayment mortgage? I have around 15% deposit for said property. Thanks 

MovingForwards

Depends on your income and property value, both tend to have minimum amounts to meet lender requirements.

Gam2015

MovingForwards said:

Depends on your income and property value, both tend to have minimum amounts to meet lender requirements.

The house i like is £165000 and my single salary is £30k plus a deposit up to £30k 

SpiderLegs

Gam2015 said:

MovingForwards said:

Depends on your income and property value, both tend to have minimum amounts to meet lender requirements.

The house i like is £165000 and my single salary is £30k plus a deposit up to £30k 

Not happening I’m afraid 

dimbo61

Interest only mortgages are now mostly offered to BTL investors and Very rich people.
£30K a year income means No chance.
Can you get a bigger deposit ?
£165,000 property !
20% deposit is £33,000 

Gam2015

See my current situation is i own my current home outright and it’s worth about £110k i would plan to sell this as soon as soon as I find a new home but I don’t want to be in a chain in the current market. Then all my money from current home i could put towards new home when i remortgage it after 2 years. If that makes sense. I have about 40k to play with obviously i would have to pay stamp duty but I believe you can claim this back if you sell the first house within so many years. 

csgohan4

lenders generally only lend x4.5 of gross income not including debts. If you have a history of defaults/ CCJ's expect stricter criteria being imposed and potentially higher interest rates

Good guide below:

https://www.moneysavingexpert.com/mortgages/mortgage-guide/

dimbo61

So if that's your plan consider an Offset mortgage !
You could buy the new property if you can find a lender and once you sell your current home you can put the proceeds into the offset account and your reclaimed stamp duty.
Building up savings and paying down or paying off the mortgage when your in a position to do so.