Interest only mortgages do exactly what they say – pay off just the interest. Interest only mortgages are popular because the monthly repayments are more affordable than repayment mortgages. Given the current low interest rates on savings and investments however, lenders have stricter rules around who they will lend to on this basis and many simply won’t support this kind of mortgage any more.
Interest only mortgages are a viable product for people whose income is made up of large bonuses or commissions. They can be an option for those who plan to live in their property for a short time and for those who have other assess which will cover the mortgage debt.
At the end of the mortgage, you will need to have a way of paying off the capital loan for the property.
Largemortgageloans is an award winning team of experienced large mortgage loan brokers who have close relationships with over 40 High Street banks, private banks, niche lenders and private investors, many of whom continue to offer large interest only mortgage loans up to 75% loan to value (LTV.
Our expertise and experience is in creating an individual solution for your personal requirements.
As mortgage experts with years of experience, we have helped numerous clients to get interest only mortgages.
We know the building societies and private banks that maybe prepared to offer interest only mortgages in the right circumstances and we can negotiate on your behalf.