Interest Only Mortgages

THE CHEAPEST TYPE OF MORTGAGE IN THE UK

The cheapest mortgage on the market - there is no doubt about that - although sometimes difficult to get hold of and bizarrely not always the best advice!

Interest Only Mortgages South Coast

What is the difference between an Interest only Mortgage and a Repayment Mortgage?

The difference is straightforward. Say you borrow £500,000 on a mortgage.
Repayment Mortgage – after 25 years you will owe ZERO. Interest Only Mortgage – after 25 years you will owe the full £500,000.

Does an Interest only Mortgage suit everyone?

Absolutely not. Brilliant advice for some people – as the monthly payments are the lowest they can be. However, your mortgage will remain the same over your term – so that must be borne in mind.

When would it be a good idea to have an Interest Only Mortgage?

Most lenders have a rule that says – even if interest only is a possibility, and the monthly payments are low – they will still stress test the affordability ‘as though' it was a repayment mortgage. So long as you can afford this – then at least you can consider having an interest only mortgage.

Some of our best current Isle of Wight mortgage deals:*

How do I choose the best Interest Only mortgage?

Just like any mortgage really – the company, the term, the speed, the cost and of course- the level of the interest rate – the lower, the better.

BRAM VIS
Frequently Asked Questions: 

What is an interest only mortgage?

An interest-only mortgage allows you to pay just the interest charged each month for the entire term of the loan. You don’t have to repay the amount you’ve borrowed (the capital) until the end of the term.

How long should I take my mortgage out for?

The answer to this is simply down to what you can afford. What is most suitable for you in terms of the type of mortgage and exactly how long you can/should have it – it is important to have a chat with us and see what is the best option for you.

If I get a Decision in Principle (DIP) with one lender, what can I do if a better product comes up before my application?

A DIP will tell you whether your credit score is good enough for your mortgage application to be accepted by them, and the level of borrowing they may be willing to consider. It does not oblige you to go to a particular lender any more than it obliges them to provide you with a mortgage offer, but it does enable you to get an early indication of what value properties you can buy.

Where can I find more Information?

Please visit our FAQ page here or contact Bram directly and/or get a confidential & professional call back from Bram here.

Call Bram Vis now...

London West End office:

020 7504 1090

Isle of Wight office:

01983 642 643