Re-mortgaging to Interest Only Mortgage

[Cassius]

Hi,
I have made a decision to return to full-time education late this year for a course that will take about 18 months. As this will be a full-time course, I will be taking a career breakform my present position, and may take a part-time job.
As I have a mortgage, and my earnings will be restricted until I qualify, I am looking at the Interest-Only option, but the only literature/site info that I can find about this product is that it is for investment propertyowners. Can anyone advise if this mortgage option is available on an applicants principal residence? I would like to be able to approach my current and only-ever mortgagor (PTSB) with negotiating options! Any helpful advice gratefully appreciated....


Edit: Interest only!!!

 

[Howitzer]

Re: Re-mortgaging to Interest Free Mortgage

Interest Only, before the (other) pedants jump in.

 

[demoivre]

Hi,
Can anyone advise if this mortgage option is available on an applicants principal residence?
Interest only!!!

Your lender may allow it for a short period such as 3 years but AFAIK Bank of Scotland ( Halifax ) are the only ones who will do interest only on a ppr for a longer period such as twenty years if that's any use.

 

[Cassius]

The interest only payment facility would be rewuired for 2 years max....

 

[demoivre]

The interest only payment facility would be rewuired for 2 years max....

IIB have a three year interest only repaymnet facility on a ppr which, perhaps, you can use as a negotiating option ( as you mentioned yourself ) with your own lender who appears, at least, to be [broken link removed].