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Interest-only Mortgage

Your monthly payments cover only the interest on the loan. They do not pay off any of the capital. You will need to arrange to pay separately into a savings or investment scheme to build up a lump sum to pay off the mortgage at the end of the term.

In some cases, some lenders will allow you to make overpayments of up to 10% of the mortgage balance each year, so that you can pay more when your budget allows and less when your feeling the pinch. We do not recommend this as a long term facility.

It is your responsibility to make sure you have enough money to repay the mortgage at the end of the term.

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Overall cost for comparison 8.3% APR. The actual rate available will depend upon your circumstances. Please ask for a personalized illustration. A fee may be charged on completion typically 2.00%. Paying off short term loans and credit cards with a mortgage could cost you more over the long term. Early repayment charges may apply. Think carefully before securing other debts against your home.
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