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  • Mortgages & Finance

    Interest Only - Prime Residential Property

    Hi All.

    Does anyone know who is doing residential interest only mortgages for about 50% LTV 420K property?

    It is for a colleague who is looking to do some refinance for a deal.

    Thanks
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    Hi Snow Baked

    As you've (your friend) probably realised, interest only mortgages in the residential mortgage market are simply not available as they used to be. Lenders such as Nationwide have removed this proposition altogether and those that remain have typically capped the lending limit at 50% LTV. Many lenders have caps on how much they will lend too as there are maximum loan limits (irrespective of the LTV) as well to consider.

    There are however still a few of the smaller, more quirky and niche building societies that can help your friend, possibly including the following;

    Saffron BS, Principality BS, Leeds BS, Cambridge BS and the Dudley BS too.

    Of course your friend will need to be eligible for these deals and will have to go through the new MMR scrutiny to confirm they are acceptable, and so this all leads (of course) to my strong recommendation that your friend speaks with and works closely with a mortgage broker who knows the market and who can assist.

    Just by listing the lenders above will not help in the slightest I'm afraid, it's all down to the Fact Find, the Agreement In Principle and the available supporting documents and plausibility checks that a Broker will carry out specifically for your friend that will get this one through.

    Hope that helps.
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    Thanks, that is very help. He is working with a broker (who happens to be on holiday) and is just researching the market.
    I'll pass on the providers you mention for him to think about.

    I personally have a small I/O mortgage with Barclays on a 10 year fixed.
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