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.
Apply NowAre interest only mortgages a good idea?
Interest only mortgages still do have their place, especially if you have lots of equity and are planning to downsize in the future.
Can you still get an interest only mortgage?
It is still possible to get an interest only mortgage but they are far less available than they were in the 1980s and 90s.
What is the criteria for interest only mortgage?
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.
Can you release equity on an interest only mortgage?
Yes, you can do this within the maximum loan to value criteria and subject to affordability and credit checks.
Can you pay off an interest only mortgage early?
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.
Why use a mortgage broker to help me get an interest only mortgage?
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.
Book your appointment early in the morning, late in the evening or on the weekend.
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Your case manager will be by your side throughout the whole mortgage process.
We will be open and honest with you throughout the whole process.
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Our job is to try and find a deal that suits your personal and financial situation.
With a combination of our experience and knowledge, we will guide you through the whole process.
We prioritise customer service, we want you to feel comfortable and secure at all times.
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Mark
Megan and Wayne have been great throughout. Both really easy to work with and on top of things at every step of the process. Thanks a lot.
Anonymous
Excellent service by Malcolm, Paula & Meghan. We completed our purchase last week in what was supposed to be a very difficult case due to my bad credit and limited trading history as a director of LTD company. UKmoneyman dug out a lender that...
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Very good service received. Wayne is very knowledgeable and helpful especially with me been a first time buyer. Also very accommodating with timings and I was able to have chats later on a night to fit my schedule. Very supportive all the way...
Joseph
So far so good ! The first point of contact was lovely, made me feel at ease and very knowledgeable.
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Absolutely fantastic service from the start, in helping getting a mortgage. Charlie always replied to my messages as quickly as possible and was very clear, thorough and calming through the whole process, cutting out a lot of worries had I not used...
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Very helpful and efficient service. Wayne, the financial advisor who handled our case was thorough and professional, he gave us some very useful information and importantly sourced a good mortgage for our needs. Once we had a mortgage offer in...
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excellent service
Anonymous
My initial interaction with Faye from UK money man has been really personable and I felt like she understood my needs very well. I’m hoping they can help deliver what I need and I didn’t feel any pressure to have to go further with my...
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UK Moneyman have been super helpful and reliable. Have always been able to count on them getting back to us quickly and made us feel comfortable checking anything out we were not really sure about. They made the whole process as easy and hassle free...
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The team were fantastic, in finding the product for me. Jo also walked me through what to expect when purchasing your first home I.e. time frames, and answer my many questions. Also their after care has been great, checking in on how the purchase is...
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Myself and partner used UK Moneyman for our first time buyer mortgage. We’ve had round the clock care well above the norm. Multiple routes forward regarding which mortgage to go for with lots of information to help prepare us through the...
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I cannot thank the UK Moneyman service enough. Securing a mortgage meant more than just that to me, it was – is - a life chance. However, because of my credit history, I didn’t think that it could be done. Right from the start of the...
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Leo and Kayleigh have been great from the first phone call that I made to them. They have both helped us each step of the way and it has been a great comfort to my wife and me that everything had been taken care of by them both. We will definitely...
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Ryan and Kayleigh were incredibly helpful and always available to answer our questions whenever we needed - and we had a lot of them as we are first time buyers who didn't have a clue about any of the process to begin with! They secured our...
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UK money man where so helpful. Chloe and Joe was amazing with us. Stayed in contact with us giving advice and updates, so glad we chose UK money man! Thanks for all your help.
Anonymous
Amazing, when ne and my partner first looked into buying a house, we had no idea about how to get a mortgage or anything. Moneymen were extremely helpful all the way through and sorted everything smoothly and efficiently! Very happy, will use again...
Rebecca
We’re so glad that we decided to use UKM to help us through the process of buying our first home, they took most of the stress off our shoulders and we’re always there to answer any queries. Would definitely recommend them to anyone...
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I found Dinah at Harrogate Moneyman to be extremely supportive. She listened carefully to our needs, proposed solutions and followed up closely. A great service - I’d recommend Harrogate Moneyman to anyone looking for mortgage options.
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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.
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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
