I'm 57. Can I raise an Interest Only mortgage on my home, to buy a second one?
Posted on 6 June 2013 by Rob
I have a house with the mortgage paid worth £310k. I want to raise a mortgage of £150k to buy a second home. I'm retired with a £43,000 net income. Can I get interest only at age 57?
On the face of the information supplied, I can't see why we wouldn't be able to arrange the mortgage you are looking for.
Your age on it's own is not a huge issue, nor is the requirement for interest only, though the two combined may mean that many of the major high street lenders won't be able to help, however there are plenty of other who I'm sure will be.
Interest Only for a lot of lenders is a bit of a 'hot potato' and their decision to lend is usually down to what the repayment vehicle is going to be. Some lenders focus very much on the "vehicle", like endowments, pension lump sums, share portfolios, whereas other look more at the "repayment strategy" such as monthly overpayments, sale of property, sale of property portfolio, etc..
I think it would be worth having a discussion to look at your options in more detail, and if you'd like to do so, then let me know and I'll arrange a convenient time.
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