Interest Only Mortgages

Interest Mortgages Explained...

Interest Only mortgages are becoming less and less popular and they are harder to get due to the new affordability checks involved.

On Interest Only mortgages, you simply pay the interest back, month-by-month. At the end of the term (usually 25 years). You will still owe the debt in full and will have hopefully created a saving method to repay that amount.

You can pay the debt off at the end of the mortgage by one of the following means; Endowments (although less popular nowadays), ISA savings, Pension or maybe even inheritance. Although many of the lenders will want you to demonstrate how this debt will be paid off at the end of the term.

Interest only mortgages have lower monthly repayments, as you are just paying the interest owed. If you are worried about not being able to pay the mortgage off at the end of the term, there are chances to change this to a repayment mortgage.

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Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debts against your homes.