Interest only lenders

MrPez

Hi all

Just wondering if there are any interest-only lenders who don't require 75k income? 

I have a property I have been letting out but it hasn't been working well for the neighbours. At the minute I can afford to run it on my own income so I'd like a residential interest-only mortgage. 

I have another property I live in and have a repayment mortgage on that one. 

I tried natwest but was told I couldn't have interest-only unless my income was more than 75k. When I retire I don't want two houses and will sell one. That wasn't enough for natwest though.

Any suggestions? 

dimbo61

You own a rental property so why not take out a BTL Interest only mortgage on that property.
You need to have a certain income £25,000 plus a year but the mortgage is based on the rental income and mortgage balance required.
Depending on the LTV,s of both properties you might even be able to borrow more on the rental and pay off some of your residential mortgage 

MrPez

Thanks for the suggestion. I did think about that, but my intention, at least for now, is to use it myself so I didn't think the BTL was appropriate. They're also more expensive than residential mortgages. 

Thrugelmir

MrPez said:

Thanks for the suggestion. I did think about that, but my intention, at least for now, is to use it myself so I didn't think the BTL was appropriate. They're also more expensive than residential mortgages. 

Who is going to live in current residential property? 

MrPez

I'll use both myself. I travel between a lot. 

[Deleted User]

Plenty will do it with no minimum income and with selling the property as the repayment vehicle.   Subject to minimum equity requirements 

See a broker and they'll be able to sort it out for you