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Barbara Said:

Which mortgage: 'interest only' or 'principle + interest'?

We Answered:

INTEREST ONLY LOANS ARE GOING TO BE LITTLE BIT EXPENSIVE.
AND NOT MANY LENDERS ARE OFFERING THEM THESE DAYS.
THEY ARE NORMALLY MADE FOR 5 ,7 ,OR 10 YEARS.IF YOU WANT TO KEEP THE PROPERTY MORE THAN THAT,YOU ARE GOING TO HAVE SOME VERY HEAVY PAYMENTS ALONG THE WAY,BUT IF YOU PLAN TO SELL THE PLACE IN THE NEXT 5-7 YEARS,THEN YOU WILL BE PAYING LESS EVERT MONTH. FOR THE SECOND PART OF YOUR QUESTION,NO THEY WON'T LOAN MORE MONEY BECAUSE IT IS INT.ONLY.

Margaret Said:

I have an interest only mortgage. My lender has said if I can afford it I can pay 10% off the capital each yr?

We Answered:

because you will not be able to earn as much interest as they are charging on your mortgage. Paying off capital will reduce the interest payments, allowing you to pay off yet more capital.

Maurice Said:

How does my mortgage affect letting my house out?

We Answered:

If your mortgage agreement states that you must notify the lender if you rent your house, then you must do so or you are violating the agreement. If you are in violation, the lender may demand repayment of the debt. If the agreement is silent on the matter, you are free to let your house with no repercussions. Naturally, you still have to satisfy your mortgage payments. Read your mortgage contract to find out what it says about the matter.

Francis Said:

can i get an interest only mortgage without extra payments?

We Answered:

you can get an interst only mortgage at standard rates contact leeds building society

Sherri Said:

My sister is having mortgage problems-Is it a lenders responsibility to offer an interest only product ?

We Answered:

There will never be equity in a interest only loan. She will be in the same situation later if she gets this loan now.