Interest Only Mortgages
An interest only mortgage allows you to make monthly payments that just cover the interest on the money that you have borrowed. These payments do not pay off any capital of the sum originally borrowed.
This means that you’ll need to repay the full mortgage amount in one lump sum at the end of the mortgage or when you sell the property.
We have schemes available to age 95 and beyond or even for life. Competitive rates are currently available but can and do change on a daily basis..
If you're looking to take out an interest only mortgage or to replace an existing interest only mortgage that is coming to an end, we have High Street Building Societies and specialist lenders who will take a more flexible approach to interest only mortgages.
You may plan to repay your interest only mortgage by one of the following: -
Selling and downsizing
Future inheritance
Selling a second property that you own
Making ad hoc lump sum payments
You may wish to switch to some type of Equity Release or Lifetime Mortgage product in the future.
To discuss your individual situation in more detail or to obtain your free personalised illustration with no obligation, please call us on 0800 542 1719