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Different Mortgage RATE TYPES
Fixed Rate Mortgages
Interest-Only Mortgages
Interest-Only Mortgages
The interest rate you pay is fixed for a set number of years, so your monthly payments remain unchanged throughout this time, helping you to budget with confidence. Do you have a specific monthly budget in mind? With a fixed rate mortgage, even if rates in general rise, your mortgage payments won’t. Know exactly where you stand financially each month.
Interest-Only Mortgages
Interest-Only Mortgages
Interest-Only Mortgages
An interest-only mortgage gives you cheaper monthly payments on your home loan but you are not actually paying back any debt.
At the end of the mortgage term you will still owe your lender the amount that you borrowed, and therefore you need to have plans to repay this at the start of the loan. A repayment mortgage clears the debt by the e
An interest-only mortgage gives you cheaper monthly payments on your home loan but you are not actually paying back any debt.
At the end of the mortgage term you will still owe your lender the amount that you borrowed, and therefore you need to have plans to repay this at the start of the loan. A repayment mortgage clears the debt by the end of the mortgage term. New regulatory requirements stipulate that lenders can provide interest-only mortgages, only if there is a credible strategy for repaying the capital.
Despite this, the majority of mortgage lenders have chosen not to offer interest-only residential mortgages, and where lenders do offer these mortgages, there is strict criteria to meet, before a lender will offer your mortgage on this basis.
This is why it is very important to seek advice when considering an interest-only mortgage, we are here to help.
Variable Mortgages
Interest-Only Mortgages
Variable Mortgages
Discount, Variable and Base Rate Tracker mortgages may mean your monthly payments will be lower compared to Fixed Rate Mortgages.
Lower payments when you need them most! You could take advantage of some of the lowest mortgage rates around.
Offset Mortgages
Interest-Only Mortgages
Variable Mortgages
An Offset mortgage allows you to offset savings balances to pay less interest on your mortgage. Think about it, you could pay off your mortgage earlier, saving you thousands of pounds!