We know which lenders might give you the green light
We work closely with the major providers to bring you the right deal. Get access to well-trusted mortgage providers without the hard work. Plus, we work with over 80 lenders to ensure you find the most suitable option for your needs.
Accord Mortgages
Pepper Money
Barclays
Principality Intermediaries
Bluestone Mortgages
Buckinghamshire Building Society
Buy-to-Let by Foundation
Kensington
Metro Bank
Newcastle for Intermediaries
The Nottingham Building Society
Mansfield Building Society
Your home may be repossessed if you do not keep up repayments on your mortgage.
What you need to know
An interest-only re-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 our customers say
Discover what our customers have to say about their experiences with us. Hear from those we've assisted in making their property and financial dreams a reality, and see how our commitment and expertise have made a difference.
We are with you every step of the way
Compare the market
Call us or send an enquiry to get
the ball rolling.
Complete your application
Our experts will handle all of the admin.
Compare the market
We will chase everything for you and
keep you updated until completion.
Repayment Strategies
When opting for an interest only remortgage, it's crucial to have a solid plan to repay the principal. Here are key strategies to consider:
- Investment Growth: Set aside money in stocks, bonds, or mutual funds, aiming for returns that will cover the loan principal.
- Savings Plan: Regularly save a portion of your income in a high-yield savings account or ISA.
- Downsizing: Plan to sell your property and move to a less expensive home, using the equity to repay the loan.
- Future Lump Sum: If you expect an inheritance or work bonus, earmark it for loan repayment.
- Part-and-Part Mortgage: Consider switching to a part repayment, part interest only mortgage to start reducing the principal.
Remember, it's essential to review and adjust your strategy periodically to ensure you're on track to repay the loan by the end of its term.
Call us on 0333 207 0522 or arrange a call back below.
Mortgage Wise have been excellent with helping me to remortgage.
From start to finish they were always there to help and give great advice.
A big thanks to Paul Magor and his staff.
Rob
Verified
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.
FAQs
Here, we answer the most common questions about our financial services to help you make informed decisions. If you need more detailed information, our expert team is always available to assist.
Remortgaging involves switching your existing mortgage to a new lender or deal without moving home. It typically aims to get a better interest rate, reduce monthly payments, or release equity. The process involves applying for a new mortgage and using it to pay off your existing one.
The best time to remortgage is usually when your current mortgage deal is about to end, typically before the end of a fixed or discounted rate period to avoid reverting to the lender's higher standard variable rate (SVR). It’s also beneficial to remortgage if interest rates have dropped, your property value has significantly increased, or you need to borrow additional funds.
Remortgaging can involve various fees, such as early repayment charges (ERC) on your existing mortgage, valuation fees, legal fees, arrangement fees for the new mortgage, and any broker fees if you use a mortgage broker. It’s important to consider these costs when calculating the overall benefit of remortgaging.
The amount you can borrow depends on factors like your property's value, your income, existing debts, and the lender's criteria. Generally, lenders will offer up to a certain percentage of your property’s value, known as the loan-to-value ratio (LTV), and will assess your ability to repay based on affordability checks.
Benefits of remortgaging include lower interest rates, reduced monthly payments, releasing equity for other financial needs, and switching to a more suitable mortgage product. However, risks include incurring fees that outweigh the savings, extending the mortgage term which could increase the total amount paid, and the potential for higher interest rates if you don’t lock in a good deal.
Find your home improvements remortgage solution
Having an Interest only remortgage 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. Call us on 0333 207 0522 or arrange a call back below.
Speak to the experts
Mortgage Wise team is on hand to speak to you today. Whether you’re looking for a face-to-face appointment or a quick chat on the telephone, we are here to provide the mortgage broker advice you need for your next mortgage.
Let us handle everything
From application to liaising with lenders, solicitors and estate agents - we handle it all.
Our dedicated processing team to ensure your application is handled smoothly until the day you complete it.
We provide a lifetime service
We’ve built our reputation on long-lasting relationships with our clients. You will receive 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.
Interest only remortgage advice
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.
*Our phone lines are open Monday through till Friday, from 9:00 am till 7:30 pm.
Let us help you manage and overcome Defaults or County Court Judgments effectively
Achieve financial freedom with our personalized Debt Management Plans, tailored to your needs.
Take steps to improve your low credit score and secure a better financial future.
Our guides
In our our Guides section, you’ll find valuable resources to help you with various financial and property-related decisions. Whether you’re buying your first home, managing bad credit, exploring buy-to-let opportunities, or consolidating debt, we have the information you need. Our guides also cover topics like home improvements, interest-only mortgages, and remortgaging, providing you with the knowledge to make informed and confident choices.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Some buy to let mortgages are not regulated by the Financial Conduct Authority.
