If you are looking for a large loan on an interest only repayment basis, you may already know many lenders have tightened their criteria for offering interest only mortgages in recent years.
However, this is still a desirable route for many borrowers—especially if you work in an industry where you receive a large annual bonus. If your income is structured in this way, you may struggle to secure a large mortgage on the strength of your base monthly salary.
Your income structure may mean you require lower monthly repayments than the size of your loan would generally necessitate, as the majority of your income is not received on a monthly basis. An interest only repayment structure could be the ideal route for you if you require low monthly repayments.
This week’s product of the week is the ideal solution if you are looking for a large loan with low monthly repayments. This product can be used for loans over £1million up to 75% loan to value (LTV) and is offered on an interest only repayment basis. Suitable for either new mortgages or remortgaging, this product is offered with a desirably low interest rate of 1.74%.
If you are using this product to remortgage and switching from another lender, you could also be entitled to free legal fees and valuation.
- 2-year fixed rate
- 75% LTV
- Interest only repayment
Undeniably, increased affordability criteria has led to interest only mortgages becoming less common, particularly for high net worth individuals. However, I have an excellent track record of arranging interest only mortgages for my clients so will be able to take a complete view of your situation and guide you in the interest only mortgage market.
If you are looking for a large loan on an interest only repayment basis, please don’t hesitate to contact me and I would be delighted to advise you further.