Interest-only mortgages still available

by Aaron Strutt

Mar 30 2012

Many of the largest banks and building societies have tightened their interest-only qualification criteria and it is harder for many borrowers to qualify without a 50% deposit.  However, if you have a valid plan for repaying your mortgage then there are a number of good options available.

The Nottingham Building Society offers interest-only providing you have a 20% deposit and Virgin Money can lend if you have a 25% deposit.

Aaron Strutt, a broker at Trinity Financial, says: “When applying for a mortgage, one of the first things the lender will want to know is how you will repay the mortgage.  An acceptable plan will typically include investments or an ISA. They may also accept the sale of an investment property.”

March 30, 2012