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.
Book your appointment early in the morning, late in the evening or on the weekend.
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We will be open and honest with you throughout the whole process.
Beyond your mortgage, we want to help you find appropriate insurance products tailored to your circumstances.
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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Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
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Informative, friendly, helpful and efficient service.
Katie
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Natalie
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
paul
I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
Anonymous
Good advice and a professional hand both made the process seem effortless. Full marks for a service and result!!
Christopher
Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Carol
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
Marco
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
Suzanna
Excellent communication from start to finish. Highly recommend.
Rasheda
Very friendly and provided all the information I needed.
Pauline
Very pleased with Allen’s professionalism , he was able to answer all my questions to my satisfaction
Paul
Excellent experience all around, used for two mortgages and will use again
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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
