Interest Only Mortgages
An Interest Only Mortgage can be of great benefit if you are in the position to get one
An Interest Only Mortgage, while not available to everyone, can be a very useful way for people to purchase a house. Mortgage Fit are able to offer the necessary advise that you will need in order to access this, often complicated financial instrument. We will be able to assess eligibility as well as advise on the various pros and cons associated with Interest Only Mortgages
What is an Interest Only Mortgage?
In the past, Interest Only Mortgages were abused and given out to anyone and everyone. This was one of many causes of the laws around lending getting much stricter after the credit crunch in 2008. Interest Only Mortgages have since been few and far between but in recent years have given lenders the opportunity to service this niche market, but under their own strict terms. Since then it has been the reserve of higher net worth clientele or buy to let investors and landlords.
Interest only lending can be a very efficient way for people with the right circumstances, to purchase or refinance a home. If you have the right level of income, equity and a good credit score, this could be a great way for you to keep your monthly payments lower, while having the flexibility to use your money elsewhere. However, always remember, you will still owe the mortgage you borrowed when it comes to the end of the term. So lenders need to know your repayment strategy is plausible. Mortgage Fit are interest only experts and can guide you through the process to see if it could work for you.
* Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
** Non-Regulated Product Notice: Some of the products we offer, such as Buy to Let mortgages, Wills & Trusts, and Commercial Mortgages, are not regulated by the Financial Conduct Authority (FCA). While these products are valuable financial tools, they fall outside the scope of FCA regulation. Please be aware of this distinction when considering our services.
What's Needed For An Interest Only Mortgage?
Not everyone is eligible for an Interest Only Mortgage, so at Mortgage Fit we will ask if you have the following:
- Equity of 200k or more
- Salary of 75k or more from employed or self employed positions
- Investment or pension portfolio to support repayment of the loan should it be required
- The want for lower repayments to improve your cashflow monthly
- A complex situation and want to explore the possibilities of this type of lending
- Buy to let properties that you would like to refinance to grow your portfolio
Mortgage Fit are experts in Interest Only Mortgages and if you think that this is something that you would benefit from, then you should get in touch with us and we can discuss all the criteria and options.
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What is an Interest Only Mortgage?
In the past, Interest Only Mortgages were abused and given out to anyone and everyone. This was one of many causes of the laws around lending getting much stricter after the credit crunch in 2008. Interest Only Mortgages have since been few and far between but in recent years have given lenders the opportunity to service this niche market, but under their own strict terms. Since then it has been the reserve of higher net worth clientele or buy to let investors and landlords.
Interest only lending can be a very efficient way for people with the right circumstances, to purchase or refinance a home. If you have the right level of income, equity and a good credit score, this could be a great way for you to keep your monthly payments lower, while having the flexibility to use your money elsewhere. However, always remember, you will still owe the mortgage you borrowed when it comes to the end of the term. So lenders need to know your repayment strategy is plausible. Mortgage Fit are interest only experts and can guide you through the process to see if it could work for you.
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Start To Finish
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