Interest only Mortgages

Looking for Interest Only Mortgages ?

Interest Only Mortgages are ones whereby your monthly payments consist solely of interest payment and not any capital repayment element. Therefore the balance size of your mortgage will remain the same, and will not be reduced at all by your monthly payments.

If you decide to take out an Interest Only Mortgage, you must consider how the mortgage will be repaid at the end of the term. Interest only mortgages should be supported by a suitable 'repayment vehicle', so that the mortgage balance may be paid off in full at the end of the term.

They can be useful for people purchasing a new property to pay interest only over an initial period, to keep their repayments low whilst setting up home. It is then possible to switch on to a repayment option when the time is right, so that you have the certainty that your mortgage will be repaid in full at the end of the term. It is important to note that should you fail to pay off your mortgage (in full) at the end of the term, your home may be repossessed.

Another popular use of an interest only mortgage is for Buy To Let or investment properties i.e. any property that is bought with the intention of selling it on for capital gain within the short to medium term.

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Please not that the mortgage broker may charge a fee or receive a commission from the lender. These charges are not usually made until you have requested the mortgage application process to begin. The mortgage broker should advise you of all charges before you are required to make any commitment.

The content of this website in 'information' on the services that are offered by our partner advice companies. The content of this website must not be taken or used as 'advice' on the type of mortgage that is most suited to your needs. Hello Finance Ltd hold no responsibility for any advice given by our partner companies.

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