60% LTV interest-only mortgages.
If you have a 40% deposit then you can apply for a 60% LTV interest-only mortgage.
With an interest-only deal you only pay back the interest owed on a monthly basis, the capital owed is not repaid each month. On the upside this keeps your mortgage payments low, on the downside you will need to repay the outstanding capital owed as a lump sum at the end of the agreed mortgage term.
In the past it was possible to use the sale of the property as a repayment vehicle, however changes to interest-only lending criteria mean this is no longer the case. You will be required to have an adequate repayment vehicle in place to repay what you owe when your mortgage comes to an end.
To find out exactly which lenders would be prepared to offer you an interest-only mortgage and for details of their mortgage criteria, call and speak to a mortgage expert on 0800 048 8828.
At present you can get a 60% LTV interest-only mortgage from lenders such as GE money and the Melton Mowbray BS. Not all lenders offer the same terms and conditions or accept the same proposed repayment vehicle.
Lending criteria varies therefore advice is vital, so seek independent help to ensure you end up with the most competitive and affordable mortgage for your circumstances. If you would like to compare all 60% LTV offers you should speak to Deal Direct and let us make a mortgage comparison on your behalf.
To get a 60% interest-only mortgage speak to Deal Direct today.
Call 0800 048 8828.
