Can I get an interest only mortgage with bad credit?
It’s possible to get an interest only mortgage with bad credit, but it isn’t easy to get a mortgage at all in today’s risk-averse lending system.
A part and part mortgage is a halfway house between an interest only mortgage and a capital repayment mortgage, which may be simpler to qualify for if you have bad credit.
Although we don’t offer this type of mortgage online, this is something our broker partner moneyQuest mortgage brokers could advise you on by calling them on 0141 243 5633. You choose how much of the loan will be interest only and how much will be repayment in full.
This can bring down your monthly repayments but also ensure some of the balance is paid off, so there’s less money to repay at the end of the term. Plus, the interest you owe on the repayment part of the mortgage will lessen over time as the balance decreases.