Interest Only Mortgage

With this mortgage, your repayments are only paying back the interest each month. This will make your monthly repayments smaller. You will pay back all of the capital at the end of the agreed term.

This mortgage is for those looking for low monthly repayments, whilst having confidence that they will be able to pay the full amount at a later date.

Is it right for you? Here's what you need to weigh up..
Pros:

Your monthly repayments are low

Cons:

Some lenders may ask for a bigger initial deposit

You need to make sure you have a realistic plan in place that will allow you to repay the capital in full


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