Mortgage Guides
Mortgage Guides Dealing with your mortgage shortfall

Dealing with your mortgage shortfall

With an interest-only mortgage, your monthly payments pay only the interest charges but not the mortgage itself. You will be expected to make arrangements to pay off the mortgage at the end of the term.

If you haven’t already made arrangements to do this, you should think carefully about doing so now. Talk to your lender as soon as possible as they may be able to help. You may have decided to pay off the mortgage by putting money in an investment or savings plan such as an endowment policy, Individual Savings Account (ISA), or Personal Equity Plan (PEP), or you may decide to use money from a personal pension.

The investment, savings or pension plan will need to grow to give you enough money to pay off the mortgage at the end of the term. If it doesn’t, you’ll be left owing money. This is known as a shortfall.

Download our Guide here: dealing-with-your-mortgage-shortfall.pdf

This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

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This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

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Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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