Interest only loan for first time buyer?

J

JL77

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Need a 100% mortgage of 255,000.

Have a permanent full time job of 44,000 and rising incrementally each year - involved in education. Looking for an interest only loan for 2 years to help out with furnishing etc. Anyone know of any banks doing this?

Or anyone know of banks doing discounts for a period of time?

Cheers
 
Will IIB do interest only on a 100% loan - or will they only do it on a 92% loan?
 
JL77 said:
Will IIB do interest only on a 100% loan - or will they only do it on a 92% loan?
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We are borrowing 95% from IIB and they offered it to us on that. I'm almost certain that our broker gave us quotes originally for interest only on the 100% loan as well.
 
First Active do interest only for the first 2 years als. IIB do interest only for up to 3 years but they don't do 100% mortgages - 95% is the max
 
I have tried Bank of Scotland through a broker (IFG member) and they won't give interest only on 100%.

My options now are EBS (tracker 3.75) or Bank of Scotland at the same. Anyone know if EBS will give any discount for first year?
 
JL77 said:
I have tried Bank of Scotland through a broker (IFG member) and they won't give interest only on 100%.
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I have literally just got off the phone with Bank of Scotland to get a quote for myself on a 100% mortgage and I was told you can go interest only for 6-24 months if you want. I think you should approach them direct - 1890 81 82 83.
 
defo call Bank Of Scotland, or go back to your bkr,they give two yrs int only,never assume broker knows everything, may just suit them to deal with another lender
 
Just rang BOSI: wouldn't give me the 255,000 because of salary not to mind interest only!!!
 
JL77 said:
Just rang BOSI: wouldn't give me the 255,000 because of salary not to mind interest only!!!
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wow!! would €44000 not be considered a fairly decent wage in this day and age? what kind of salary/job do you need to get a mortgage from BOSI without having to have a top job of over 60k for example!!
 
But your bkr has approval from BOSI, why not just let him know they do offer 2 yrs I/O. BOSI Direct and BOSI Bkr Channels are very seperate
 
My broker knows that they have an interest only option - apparantly it's not as easy to get it as they make it out to be. They will however offer it on a 92% loan.
 
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