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interest only mortgage
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I need an interest only mortgage, who does them without all the questions about how are you going to repay at the end of term, I aim to have it paid off, but do not want to commit to "savings plan".....
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For more on marking an answer as the "Best Answer", please visit our FAQ.Hi, I would suggest just trying all the banks as some of them would want written confirmation and some wont. If worst comesto worst, you could always start a savings plan, show them the proof and then cancel after drawdown of the mortgage! The bank wouldn't like it but if you are 100% sure that you can repay the capital then there is no harm done!
Hi there, I think it depends on the lender although I have always had interest only mortgages and have never had to show "proof" of how I will repay. My plan is to use inheritance (hopefully!), shares and/or the sale of the property. My mortgages have always been with the high street banks (currently HBOS) and like i said, i have never had to provide evidence so you might want to try them either via Halifax or Bank of Scotland.
Good Luck
Good Luck