Compare interest only mortgage deals
With fixed rate interest only mortgages, your repayments will cover the interest on the loan and not any of the capital. Some fixed rate interest only mortgages are interest only for a limited time, giving the borrower some breathing space at the beginning of the term before the begin repaying the entire amount. The other type of fixed rate interest only mortgage is one where you pay only the interest incurred on the loan for the entire term.
If you choose this type of mortgage, it is vital that you have alternative means for paying off the loan capital at the end of the term. For example:
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A pension plan
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An ISA
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An endowment
To find out more about fixed rate interest only mortgages, click on the link and fill in our enquiry form where you will be put in touch with an advisor.