interest only mortgage

[clbirkett]

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".....

[dzug]

I think any lender will ask how you are going to repay.

I had one of these some years back - it was very easy to get, but they did ask about how I was going to repay but didn't question what I said.
Perhaps 'I'll sell the property' would be a suitable answer.

[clbirkett]

Thanks dzug.... I had a word with the Cumberland (my local building society) they wanted to know every detail about my saving plan, and see proof in writing, I can`t see the problem, if I don`t pay, they take the house, I will try some other lenders..... thanks again...

[hectic]

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!

[Eeeek]

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