It is still possible in some circumstances to take out an interest only residential mortgage, but you will probably need lots of equity in your property.Lots of landlords take out their mortgages on an interest-only basis because the payments are cheaper which increases how much income they make each month.
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When you take out an interest only mortgage the Lender will want to know what your “repayment strategy” is, that is to say how you will pay back the capital sum at the end of the term. In many instances, people sell the property to pay back the mortgage. As a mortgage broker, it's important to us that you get the advice that you need, as fast as possible. Book your free mortgage appointment with one of our mortgage advisors today.
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Interest only mortgages still do have their place, especially if you have lots of equity and are planning to downsize in the future.
It is still possible to get an interest only mortgage but they are far less available than they were in the 1980s and 90s.
Many lenders do not offer interest only mortgages but those that do will stipulate the amount of equity you need (much higher than a repayment mortgage) and some will want you to have a specified minimum income.
Yes, you can do this within the maximum loan to value criteria and subject to affordability and credit checks.
You can pay off an interest only mortgage at any time but if you are locked into a fixed rate term then you may need to pay an early repayment penalty to do so.
We are a very experienced mortgage broker that has access to 1000's of different mortgage products, including interest only deals. We have in-depth knowledge of interest only mortgages and specialist lending criteria. Book your free mortgage appointment online and speak with a mortgage advisor today.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
