Get Lower Payments with an Interest Only Mortgage

Pay out less each month

Pay less each month with interest only mortgages

The borrower with an interest only mortgage only makes monthly payments consisting of interest. The capital amount stays the same throughout the mortgage term and is repaid in one sum at the end of the term. As a result monthly payments are lower than a repayment mortgage that is of a similar amount.

The mortgage is paid off at the end of the term by an investment vehicle. This investment should be taken in to account when the borrower evaluates their monthly outgoings. They will have to realise what amounts will be needed to put into a savings plan to pay off the mortgage at the end of the term. The main types of mortgage repayment vehicles are endowments, Individual Savings account (ISA) or a personal pension plan.

Whichever plan is used it is essential to regularly review how the investment is performing to make sure that the target amount will be acheived. It is a long term saving plan and it is essential that payments are kept overwise the borrower may not be able to pay off the mortgage at the end of the term.

Why Use Mortgage Advice Center?

• Free Interest Only Mortgage Quotes
• Mortgage Deals to suit your current financial situation
• ‘Whole of Market’ Advice – Unrestricted product range
• Access to all mortgage products including Low Start Mortgages and Remortgages
• Guidance through entire mortgage process from initial quote to completion

Get Free Quotes on Interest Only Mortgage Deals Today

Just fill out the form on the right hand panel and an Independent Financial Advisor will get in touch with you as soon as possible to advise you on interest only mortgage deals to suit your needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £250