Interest Only Mortgages

An Interest Only Mortgages is one where your monthly payments are solely of interest payment and not any capital repayment element. So the size of your mortgage will remain the same, and will not be reduced at all by your monthly payments.

If you decide to take out an Interest Only Mortgage, you need to consider how the mortgage will be repaid at the end of the term. Interest Only Mortgages can be useful if you are thinking of purchasing a new property and want to keep the repayments as low as possible whilst setting up home. It is then possible to switch on to a repayment option when the time is right, so that you have the certainty that your mortgage will be repaid in full at the end of the term..

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