Virgin Money Mortgage Offer
10 Year Fixed Interest Only Deal
- Initial Rate – 2.52% APR
- 65% Loan To Value (LTV)
- 10 Year Fixed
- £300 Cashback
Overall cost for comparison 3.40% APRC
Call Virgin Money FREE on 0330 057 1528
Post Office Buy To Let Mortgage Offers
Reverts to 4.24%
Reverts to 4.74%
Reverts to 4.24%
Reverts to 4.99%
Reverts to 4.24%
Reverts to 4.24%
Reverts to 4.24%
Reverts to 4.24%
Reverts to 4.74%
Reverts to 4.24%
Reverts to 4.24%
Reverts to 4.24%
Reverts to 4.74%
Interest Only Mortgages
In the last 12 months there has been a significant improvement by lenders providing flexible interest only lending options.
An interest only mortgage will essentially allow you to only repay the interest that is owed each month on your mortgage.
Lenders will expect you to have a repayment strategy in place e.g. putting savings into an acceptable savings vehicle, or sale of property in order that you can meet the future repayment of capital required on the mortgage redemption date.
What is an interest only mortgage?
An interest only mortgage will essentially allow you to only repay the interest that is owed each month on your mortgage. Lenders will expect you to have a repayment strategy in place. What is acceptable as a repayment strategy will differ from lender to lender.
Examples include:
- Sale of the mortgaged property
- An acceptable savings vehicle such an ISA or tax free cash from a pension plan
- Sale of an investment property
How much can I borrow on an interest only basis?
Mortgage lenders who provide interest only options will have different rules on this.
Typically lenders will go up to 75% loan to value.
Some will operate on what is called a part and part basis e.g. 50% of the mortgage loan on an interest only basis and 25% on a capital repayment basis.
Can I transfer my current capital repayment mortgage to a new interest only mortgage?
It will depend on your situation.
Lenders will want to be comfortable that you can afford to pay off the mortgage at the end of the loan term. So typically you will need to have at least 25% equity in your home. The new lender will also as with any mortgage review your income and previous borrowing record before making an offer.
With your current mortgage it is important to check to see if there are any early redemption charges if you move your mortgage to a new lender.
Can I get an interest only mortgage in retirement?
The good news is that in the last 12 months the options for people age 60+ for interest only mortgages has improved significantly with many lenders bringing out flexible products for older borrowers.
For example Post Office have brought out a retirement link mortgage which allows borrowers to take out a mortgage on an interest only basis up to age 80.
RBS Mortgage Offer
Interest Only Mortgage Deal
- Initial Rate – 1.99%
- 75% Loan To Value (LTV)
- 5 Year Fixed
Overall cost for comparison 3.50% APRC
Call FREE on 0800 096 7447
Post Office Buy To Let Mortgage Offers
Other ways of raising finance from your home
Rather than remortgaging your home you may want to consider what is called a second charge mortgage.
Homeowner Loan
Free up money while leaving your current mortgage in place
A second charge mortgage (often referred to as a secured loan) can be used for all kinds of purposes including:
- Home improvements
- Business purposes
- Buy to let property deposit
- School fees
- Wedding or new car
Borrow from £25,000 to £500,000 with flexibility to repay the loan at any time
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