The Lemon Fool

THE MAIL

Return of the interest-only mortgage: To get one, Halifax asks you to prove pension is on track to reach £400k instead of £1m
. Halifax eases interest-only and says borrowers can sell home to clear debt
. But they must earn £100,000 to qualify or have joint income of £150,000
. Borrowers can use 15% of pension and must prove it's on track to hit £400k

By Paul Thomas For The Daily Mail
http://www.thisismoney.co.uk/money/mort ... etire.html

We took out an interest only mortgage with Barclays so we could lend the money to daughter (student) so she didn't have to pay silly money for rubbish rentals any longer. Between herself and two friends they were paying £800+ pcm for a damp house and she now has a nice semi. Her friends are now her lodgers and it's all working rather well.

Barclays were happy with "sale of mortgaged property" as a repayment vehicle. We have investments that can cover the debt, and it's less than 15% of my pension pot, but Barclays insist the investments are "professionally managed" and I'm 100% DIY.