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Can I get an interest only mortgage?

Q: Hi, I have a property in London with about 25% equity (£110K). I want to keep it and move to Yorkshire. I need a mortgage on interest only (as I am in sales and 6 monthly bonuses) for £666K on property valued at £895K but purchase price agreed is £835K w

A:

It may be possible to achieve this depending on your circumstances and those of the property. Generically a maximum of 75% is available from mainstream lenders on an interest only basis, however 80% may be achieveable if you are suitable for a private bank or if the purchase incentive can be taken into account. I have emailed you separately and please feel free to contact me in confidence to discuss your circumstances further.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
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