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.
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.
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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
