INTEREST ONLY MORTGAGE

Having an Interest only mortgage means you pay just the interest charged each month for the term of the loan. The amount you’ve borrowed is repaid at the end of the term.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest Only - what you need to know:

An interest-only mortgage allows you to keep your monthly payments down by only repaying the interest on the loan. At the end of the term you will owe the original balance in full.
Most lenders will ask you for a repayment vehicle or investment vehicle, in other words an explanation of how you intend to repay the funds. Examples of repayment vehicles include sale of the property at the end of the term and certain types of ISA’s or investments.
There is a certain element of risk involved with an interest only mortgage and not all lenders will consider interest only mortgages. Different lenders will also have different criteria on what they consider to be an acceptable repayment vehicle. Speak to our team today to see what options you might have.

What are the different types of mortgage?

There are a number of different ways to repay your mortgage including repayment, interest only and offset. Speak to an adviser today to discuss your options.

Is Interest only right for me?

It is important to understand that whilst you are only repaying the interest on your mortgage there are certain risks involved. Speak to an adviser today to discuss your options.

How does remortgaging work?

Remortgaging means changing your current mortgage to a new deal whilst you remain in the same property.

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We’ve built our reputation on long lasting relationships with our clients. You will recieve regular contact from us beyond your initial application. When it’s time to remortgage, we will be in touch to discuss your options. Let Mortgage Wise take the hassle out of managing your mortgage.

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Speak to our expert advisers today for assistance

We’ve built our reputation on long lasting relationships with our clients. You will recieve regular contact from us beyond your initial application. When it’s time to remortgage, we will be in touch to discuss your options. Let Mortgage Wise take the hassle out of managing your mortgage.