trying to get pension mortgage on affordable house

[volkswagon]

hi folks,
recently got an affordable house and now in the process of getting my first mortgage. i have been told a pension mortgage is an option. I have tried iib and bank of ireland but they won't offer one to me. does anyone know who would.

 

[ClubMan]

Pension mortgages (basically a bundled interest only mortgage and a pension) are often reserved for self employed/directors or other high earners and not the average punter. What are your circumstances?

 

[volkswagon]

Hi Clubman,
Thanks for your advise. I am a paye and I have been told this by a bank that usually it would only be offered to self employed persons but a chap i work with that is also a paye has been given a pension mortgage and he cannot see why i can't.

 

[ClubMan]

Maybe you can get it but bear in mind that interest only mortgages with an associated pension or other investment plan to pay off the mortgage may not be suitable for everybody. Remember that you are not incrementally buying any equity in your home with an interest only mortgage unlike an annuity/repayment mortgage for example.