Interest Only Mortgages and Remortgages
Find an interest only deal?
Interest only mortgage deals provide the opportunity to pay back only the interest on the mortgage loan.
This type of mortgage deal means that you have to have another method of paying back the loan, or have to move to a repayment mortgage at some type.
Examples of paying back on an interest only basis, a loan of L100,000. (For illustration purposes only)
At 4% Mortgage Payment= L333
At 4.5% Mortgage Payment= L375
At 5% Mortgage Payment= L416
At 6% Mortgage Payment= L500
At 7% Mortgage Payment= L583
These payments are much lower than vs a repayment mortgage.
At 4% Mortgage Payment= L527
At 4.5% Mortgage Payment= L556
At 5% Mortgage Payment= L585
At 6% Mortgage Payment= L644
At 7% Mortgage Payment= L706
It is clear that interest only mortgage and remortgage deals offer benefits... but remember that you will need another method to pay back the loan amount.
What you could use to pay off an interest-only mortgage?
Endowment mortgage
ISA (Individual Savings Account)
Pension Mortgage
Get specific information through the headings below:
Want to do a mortgage search?
Your home may be at risk if you fail to keep up repayments on your mortgage.
We act as an introducer to Feesaver Mortgages Ltd who are appointed representatives. Enquiries are passed to this regulated brokerage and they will contact you to discuss your mortgage requirements.