|
An interest-only mortgage means your monthly payments cover only the interest on the loan. The advantage of this is that your monthly payment is lower than an equivalent repayment mortgage and you can choose how and when you wish to repay the loan.
If you're stretched financially, desperate to get on or move up the property ladder and confident your income will soon go up, then an interest-only mortgage may be a good idea as long as you understand the extra costs involved.
|
An interest only mortgage is also ideal if you have a method in place to repay your loan already such as ISA savings plans, stocks and shares, endowments or even a pension fund. Using a pension fund to pay off the loan is highly suited to self-employed and higher rate taxpayers.
To be sure you have the best deal complete the form below, give us a call on 08453 445580 or click the icon to the right.
|