a secured loan has been declared but we find a higher monthly payment at the Bureau.a secured loan has been found at the Bureau but isn’t declared.they declare that they have a secured loan, but they’re not settling it.it's not acceptable for an applicant to remortgage a holiday home.Ĭases will be assessed on a capital and interest basis. Interest only isn't available where the security isn't the main residence e.g.First time buyers are not eligible for interest only purchase applications.minimum lease term of 70 years at application.Shared Ownership, Genuine Bargain Price, Forces Help to Buy, Right to Buy and Help to Buy) can’t be used in conjunction with any other scheme (e.g.sale of main residence as repayment strategy.maximum term of 25 years (or retirement if sooner).£300,000 for Greater London/Outer Metropolitan This will be based on the region selected on the ‘Loan Requirements’ page on NFI Online. To check which region the property is situated in you can use the House Price calculator. Minimum equity levels: This is based on primary basic income only. minimum income criteria of £75,000 for sole applicants, £100,000 for joint applicants**.We’re open Monday to Sunday, between 7am and 8pm, excluding public holidays.For our interest only new purchases, remortgages and part and part lending, the following eligibility criteria will apply: Of course, if you have any concerns about your repayment plan, please call us on 03 and we’ll be happy to talk to you about your options. This’ll give you plenty of time to adapt your strategy (if you need to) before the end of your term
Have a review with you during your mortgage term – usually around the halfway point – to help you understand how your repayment plan is shaping up.Write to you 12 months after you take out a mortgage, and periodically during the second half of the mortgage term to remind you how we can support you.Once we’ve approved your interest-only mortgage, it’s important to check that your strategy to repay the amount borrowed at the end of the mortgage term is still right for you.
Checking that your mortgage repayment plan is on track The Single Financial Guidance Body has examples of ways you can repay your interest-only mortgage – but we’ll need to agree your plan before we can approve your mortgage application. You can search the Financial Services Register to find mortgage brokers that are authorised by the Financial Conduct Authority. We recommend that you get independent financial advice about how you’re planning to repay your interest-only mortgage. Should I get advice about interest-only mortgages? You need to check regularly that your repayment plan is on track. If you meet our eligibility requirements, you can apply for any of our residential, offset or buy-to-let mortgages on an interest-only basis.
#RETIREMENT INTEREST ONLY MORTGAGE CALCULATOR FULL#
Interest-only mortgages have lower monthly repayments than repayment mortgages, because you don’t pay back any of the amount you borrowed – you just pay the interest on the full balance every month.
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