interest only-

cheepskate_2

hi Guys

Hope you can help me on this one as you;ve been a great help elsewhere.

Have a relativly small mortgage with high equity on a capital and interest payment.
Looking at to buy a new house,
I am looking to add this extra for new house onto a interest only mortgage and keep my existing one on its capital/ interest fixed rate.
I would only want a interest only mortgage for about 2 years then it would revert to the same as my existing .
Bit confused as i know that the mortgage company wants a policy in place to pay off the interest only mortgage at the end of the mortgage.
Being i am only wanting interest only for 2 years it doesnt look like i would be able to get something in place to cover this time.
I jknow a lot of people do this but how?

thank

cheepskate_2

Hi All
any body help out wit hthis q's
thanks

MartynwithaY

Hi cheapskate

HSBC do a mortgage product called 'HomeStart'. This is interest only for the first three years, switching to repayment after that. With no repayment vehicle required.

This might be an option for you, plus HSBC have good rates at the mo.

martyn.

_Andy_

cheepskate - to clarify, are you moving and selling the existing home or are you keeping that property as well?

cheepskate_2

_Andy_ wrote: »

cheepskate - to clarify, are you moving and selling the existing home or are you keeping that property as well?

Hi
Thanks for the advice, and no i will not be able to keep my own property once i buy the other.
Will only have the mortages for about another 12 years.
thanks

_Andy_

So basically you're wanting to (correct me if I'm wrong, just want to check I've got it right)

-Move home, selling the existing one, porting your existing mortgage over, which is capital repayment.
-You require extra borrowing on top which you would like on 'pure' interest only?

Thanks