Interest Only Mortgage

P

passat

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Hi. Can someone tell me if it is possible to get an interest only mortgage for a homeloan (non investment mortgage) for approx 5 year term, then adjusting to annuity repayments thereafter for another 7 years.(12 years total.) Age group 58 and 53 years old,current value of property E700k. mortgage for approx E176k. and self employed.
 
Bank of Scotland will lend money on your home on an interest only basis for as long as you want and do not require details of how you intend to pay it off.

They'r probably your best bet.
 
Thank you for reply but bank of scotland will only give interest only for the full term of mortgage if you have another property to fall back on, or have a pension fund that will pay the amount back when the term is up. Any other replies will be appreciated. thanks.
 
Nup, Bank of Scotland will give interest only on your ppr even if you don't have another house, and don't question how you will pay capital back.
 
I have my mortgage with IIB Homeloans. They offer interest only repayments up to 3 years on a pdh and 5 years on a res let. Handy to know!
 
Hello,

First active will allow interest only for 10 years on a tracker rate, PTSB will also allow for the full term if below 75% LTV however they review every 5 years, IIB will allow for 3 years, and BOS are meant to be full term, I would go back to them and check again, as this is standard in the marketplace
 
Mellon mortgages advertise regularly in the Sunday Business Post for interest ony mortgages with no mention of needing pensions or other property as supporting security . They are a brokerage based in Dublin as far as I recall - I have no connection with them.
 
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