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Is an interest only mortgage an option?

Michela
Michela Posts: 119 Forumite
Tenth Anniversary 10 Posts Name Dropper Combo Breaker
edited 3 March 2022 at 1:11PM in Mortgages & endowments
I currently have a house worth around 900k and really want to move. So looking to borrow around 200k.

I earn 60k a year, my partner 40k.

We are currently mortgage free  

In around 15 years would sell and downsize.

Is a interest only mortgage an option for us?

The thinking is that we will downsize considerably and into a less expensive area. So would pay back on selling the property.

Thanks 

Comments

  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Interest only should be possible.
    Interest free probably not  :p
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Michela
    Michela Posts: 119 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    ACG said:
    Interest only should be possible.
    Interest free probably not  :p
    Thank you, I just corrected that. Although interest free would be amazing 😀
  • housebuyer143
    housebuyer143 Posts: 4,284 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Yes, if downsizing is your repayment strategy you will limit your choices, but if you are employed and have good credit, then look at Yorkshire Building Society.
    I do not earn anywhere near what you do, but we got an IO mortgage with them.
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