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  • Mortgages & Finance

    Residential cap. repayment to interest only

    Hi Chris,

    Assuming you have enough equity in your property (min 25% and usually min £200k or more) then there are quite a few lenders who will look to permit the mortgage to be on interest only using downsizing as the method of repayment.  But you say you have some investments and some BTL’s which may have some equity in them – and you can use them as possible repayment methods too, which may open up more lenders to what you want on your main residence.  Rates, wise that all depends on what the numbers actually are and what kind of product you actually want (e.g. 5yr fixed) – with or without fees/freebie valuations/legal services.

    Bottom line is that you will have lots of choice by the sounds of it and you can approach lenders like Barclays and NatWest (if your earned income is above the minimums they have for interest only) or Santander.  But I would honestly look to engage a broker as they will know all the options you might not realise you want until you have a proper conversation about it – e.g. interest only offset to capital raise to maybe do other investments with someone like Scottish Widows.

    I hope that helps,

    Cat

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    Call the PT Broker Hotline on 0333 363 6507 or email us at ptbrokers@johncharcol.co.uk