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Mortgage advice enquiry

If I put a 50% deposit on a property, would I be able to get an interest only mortgage for the remaining 50%. I am 61.

Asked on Sep 22 2015, Home Finance in Swansea | Report content

Answers (2)

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  • I believe the Leeds Building Society has a product that might suit. Please have a word with a good mortgage advisor and mention this to them.

    Answered on Nov 10 2015, Report content
  • Most banks will still allow mortgages to be taken out at 61 years old. They will have an age cutoff of around 65-70 however, and want the mortgage repaid by 75. If you need to stretch the mortgage past the age cutoff, you’ll have to provide evidence of a sufficient income that will be able to afford the mortgage. An interest only mortgage means that you only pay the required interest amount for the duration of the loan, without ever actually paying off any of the loan. This means that when the loan finishes, you’ll still have the total debt remaining and will need to have something organised to fix up the rest of the loan. The best way to figure out which mortgage is right for you is with a mortgage advisor. You can get an idea of what properties you can afford by using Zoopla’s online affordability check. To receive an overview of mortgage advice, head to Trussle, a free online mortgage broker.

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    Answered on Mar 27 2018, Report content

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