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Interest Only Mortgages
Quick Mortgage Enquiry 0800 193 1604
Are you one of the millions of borrowers who currently have an Interest Only loan and the lender is forcing you to repay the debt or put you on a higher rate?. We have access to High St Lenders who still offer Interest Only Mortgages. If you would like to discuss your situation please give us a call or complete our call back enquiry form.
Can I Switch to an Interest Only Mortgage
Yes you can still arrange an interest only deal in the UK. If you’re considering switching your mortgage, then contact us and let us help find the most suitable product available for you.
A part repayment/part interest only mortgage
You may not be able to afford a mortgage on full repayment, or you may have an under-performing investment, the shortfall on which you need to plug. In this instance, we could have part of your mortgage on repayment and part of it on interest only, reducing the monthly costs.
Please note the following warnings:
An interest only mortgage means your monthly payments are only repaying the interest on the money you have borrowed; at the end of the term you will be required to repay the full value of the loan. If you do not have sufficient funds to repay the outstanding balance at the end of the term the lender has the right to repossess and then sell your property.
Please be aware property values and prices fluctuate according to market conditions, and the value of your property may go down as well as up. In the future, this could mean that your mortgage loan exceeds the property’s current market value, i.e. you could be in a ‘negative equity’ situation.