Interest Only Mortgages
With an interest only mortgage, the monthly payments over the term of the mortgage cover only the interest charged on the amount borrowed. This means that the interest only part of your mortgage, together with any fees or charges debited to your account will be owed in full at the end of the term. It is entirely your responsibility to ensure that at the end of the term the remaining balance on your mortgage is repaid in full by your repayment strategy. If you don’t have this repayment vehicle in place, your home may be repossessed, so there is risk for both borrower and lender.
Many clients wish to borrow an interest only mortgage because of its lower monthly repayments and the flexibility of using various repayment vehicles to pay off the capital. Fewer lenders offer interest only mortgages than used to be the case, but there are still several prepared to lend on this basis, as long as the borrower can demonstrate how the loan will be repaid.
As mortgage experts with years of experience, we have helped numerous clients to get interest only mortgages.
We know the smaller building societies and private banks that maybe prepared to offer interest only mortgages in the right circumstances and we’ll make a personal case for people we think are likely to be successful.
We don’t tend to publish mortgage rates on our website – ever more so for interest only mortgages. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.
Firco is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to email@example.com or call us on 0151 372 0388