Hello all you clever forum people. I have been reading for weeks and this is my first question for which I couldn't find an answer in previous posts. The question is, is an interest only loan posible for a principal place of residence? I know this is not normal but my income is very low at the moment and despite me being extremely frugal, buying the cheapest place I can to live in would still mean I would be paying a large proportion of my income on mortgage payments. If I could get an interest only loan it would make it a bit more affordable. I really want to buy my own place for my own sanity, emotional wellbeing etc. I can not bear to rent any longer. I expect my income to increase considerably in 2-3 years time. Then I could switch to principal and interest.
I have already considered buying with a friend/relative or using someone elses equity as security but this will not work for me.
El
I have already considered buying with a friend/relative or using someone elses equity as security but this will not work for me.
El