Each week we round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
Interest only – Like a bad joke
Just remortgaging clients down south at 70% ltv. They moved from North West a few years back, and because they had a young family (now extended by one), only one income (stay at home mum) and house prices more expensive down south, I recommended Interest Only, with surplus funds to be put in savings vehicle.
Kids now all in school, Mrs Bloggs now working, converting to repayment mortgage as Mrs Bloggs salary covers additional mortgage repayments.
With current interest only policy, I think I would not have been able to remortgage them had they wanted to stay interest only, and probably wouldn’t have been able to atrrange their original purchase in the first place.
I’m sure there are interest only mortgages that are all going to end in tears, but there are genuinely good quality cases out there.
Hugh De Mann
25 Jul 2012 | 10:28
You can see more of this week’s best reader comments by clicking HERE and read a round-up of the week’s biggest news stories HERE.
