Long term Interest Only Loans

[robert 200]

I know for a fact that Bank of Scotland offered 25 year interest only mortgages for homeloans
in 2004.
Does anyone know if Bank of Scotland offered this product to buy-to-let investors and in what years was it available?

 

[cremeegg]

Yes they did offer these to buy to let investors in 2006. I know I took 2.

 

[robert 200]

Thank you , I hope I can return the favour sometime soon.

 

[Bronte]

Yes they did offer these to buy to let investors in 2006. I know I took 2.

Indeed we had posters on here with them (not sure which banks) and a lot of them in deep financial trouble if they didn't put money aside to pay of the capital when the fixed rate period ended, especially if there was NE and the bust was in full swing.

They were considered a very good idea by investors as at that time you could right off 100% of the mortgage interest.

 

[cremeegg]

Indeed we had posters on here with them (not sure which banks) and a lot of them in deep financial trouble if they didn't put money aside to pay of the capital when the fixed rate period ended,

Well with 14 years of a 25 year IO period left I have yet to face that issue.

 

[Bronte]

Cremeegg I know very well you have your exit strategy well in place.