Trinity Financial has access to funds from a number of banks and building societies actively offering interest-only mortgages of over £500,000+.
Many of these lenders will offer interest-only mortgages to clients who have large deposits or significant levels of equity in their property. However, over the last few years many lenders stopped offering interest-only, particularly to first-time buyers and those with small deposits.
The interest-only market has now improved significantly and Trinity deals with banks which have improved their acceptance criteria to increase their lending volumes.
Some mortgage lenders will accept the sale of the property as a repayment vehicle although many will expect to see a valid repayment plan. It is also possible to arrange a mortgage where overpayments written into the mortgage contract are paid on a quarterly or annual basis.
Other lenders will ask to examine the amounts borrowers pay into stocks, shares and ISAs on a monthly basis. They will then work out if this is sufficient to pay back the mortgage by the end of the term.