Advice please - which lender for our situ

camhav

Hi

New member seeking advice please....

We are looking to take out a £125k interest only mortgage over 25 year period - this is a 40% LTV ratio.

We are initially looking for a 2 to 3 year deal as we anticipate being able to reduce mortgage by £15k lump sum in couple of years at which point (depending on how disciplined we've been with overpayments - we may well choose to go back to capital& interest) - really we want to give it a blast at seeing if we can have overpayments over next couple of years which would make a bigger dent than we would achieve via Cap & Int mortgage.

In short looking for best deal which set up costs don't exceed benefits of the the rate - preferably fixed rate but not essential- Overpayment facility required and no ERC outwith deal period.

Hope not asking too much - but we are getting bamboozled trying to work out best for us - so any advice gratefully received.

Thanks

MortgageMamma

not as simple as giving you that info based on what you have told me, there are lots of other variables to factor in, your best bet would be to speak to a local mortgage broker and get them to help you out

herbiesjp

Plenty lenders will be able to offer you a mortgage.

However, as MM rightly says, there is no real information in your post on which to give any pointers.

Having said that, none of the brokers on here will give you advice or offer you a recommendation on an open forum

To fully establish what product is suitable for you takes time, and is far more involved than really than hoping for responses on a board like this

Have a word with a whole of market adviser and discuss in detail what your needs are, and they should be able to find some deals for you

camhav

Thanks - knew maybe asking too much but thought I'd give a try! We are interested in a FD offset mortgage - seems great deal are you aware of any pitfalls we should consider for this type of mortgage - know you may not be able to be specific but any advice gratefully received - thanks