With an interest only mortgage, you only pay the interest on the loan each month, which means that the capital sum stays the same throughout the period of the mortgage. You don’t repay any of the capital until the end of the loan time period.
This means that you need to make preparations for paying off the capital sum at the end of the term.
Interest only mortgages aren’t as broadly used as they once were. However, most lenders will look at any sound investment to use as a payoff vehicle. Investments like pensions or ISAs can be accepted.
To discuss the suitability of an interest only mortgage for your property in the Antrim or Ballymena area, contact us today https://mortgageoptionsni.co.uk/contact-us/ your local independent mortgage broker
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.