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Interest Only

Under an interest only mortgage, the borrower pays just interest to the lender each month. Capital is then paid at some future date, often from an investment such as:

  • An endowment policy. This type of policy used to be the very popular way to repay the mortgage in the 1990s. This low cost version of this type of policy promised the best returns. However in recent years the policy type has received adverse publicity due to many falling short of its projected targets.
  • An ISA or other investment products. Offers greater tax benefits.
  • A Personal Pension. Less Common nowadays.
  • Some lenders (only a few) will accept sale of existing properties or inheritance. This depends on the loan to value or the deposit put down.
  • An interest only mortgage alongside an investment vehicle, appeals to someone whom is confident their investment will cover the capital when it comes to be repaid, however this is not guaranteed.

It is the customer’s responsibility to be able to repay the loan at the end of the term.

If you require mortgage advice and you’re a first time buyer; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish. We are based in Manchester city centre.