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Interest-Only

Typically the lowest form of monthly repayment, interest-only mortgages will give you the lowest monthly repayment to the lender. This comes with the downside of not building extra capital within the property over the mortgage term. These mortgages are most commonly seen in combination with buy-to-let mortgages to allow you to keep your cash-flow high whilst still holding onto a property. Interest-only also has both options available of being fixed or variable rate mortgages.

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Interest only also has benefits where in times of financial hardship some lenders may allow the changing of property from a capital repayment to an interest-only mortgage, decreasing your monthly payments. 

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When your interest-only term ends you will either need to remortgage for a capital repayment/interest-only mortgage, or sell the house to fund the repayment of the mortgage. 

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Seek professional independent advice at Actuate to see how an interest only mortgage may benefit you.

We have got to mention

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% of the total amount borrowed, but a typical fee is £495.

Actuate Mortgages

07801995955

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Actuate Mortgages is a trading name of Clear Mortgage Solutions Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

 

Clear Mortgage Solutions Limited. Registered Office: 114 Centrum House Dundas Street, Edinburgh, EH3 5DQ. Registered in Scotland Number: SC463175.

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