Hi all,
Wondering if you can help. I am currently in a enforced holding pattern as my current loan on my PPOR switched to P&I from interest only 12 months ago making it pretty expensive to service my loan. I currently running at around an LVR of 85-88%. My IP has an LVR of 74%. I would really like the ability to switch to interest only so I can save for the next investment property or be able to rent out the PPOR and ensure rental income covers the mortgage payments.
Given the relaxed lending rules more recently are there any lenders that are willing to lend interest only to say 90%. I do have the option of moving out and making it an investment property should that open up the amount of lenders that would provide an interest only loan.
Any advice would be much appreciated!
PeteHey Pete, totally get where you’re coming from. My brother moved to the US a few years back, and his primary home switched from interest-only to P&I payments shot up and he was stressing about saving for his next investment property. He ended up talking to a mortgage advisor at LendFriend Mortgage and they helped him figure out interest-only options while keeping his LVR in check. Made a huge difference he could actually save without feeling buried under the mortgage. Definitely worth getting someone to look at your options.
Max122 | LendFriend Mortgage
https://www.lendfriendmtg.com/
Email Me | Phone MeCOO & General Counsel
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