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Interest Only Mortgages

As the name suggests, your monthly payment only pays the interest charges on your loan, you are not actually reducing the loan itself. This is why it is very important you arrange some other way to repay the loan at the end of the term, through an investment or savings plan.

Advantage with interest only mortgages are:

• You can choose from a variety of investment vehicles, of which some can have tax advantages. 
• As you are only paying off the interest, and not the loan itself, your monthly payments will lower

Disadvantage with interest only mortgages are:

• Unlike a repayment mortgage, the amount of debt does not reduce over time. 
• No guarantee that your chosen investments will grow sufficiently to repay your loan.
• Throughout the life of the mortgage, you will need to check your investment or savings plan is on track to repay your loan at the end of the term, if you are unable to repay it at the end of the term you could loose your home.

But the wrong interest only mortgage can cost you more £££’s than it should, therefore independent impartial advice is essential.

We are qualified independent mortgage advisors that can be trusted to give you that independent impartial advice.

Why ... Mortgages from Homesavers Mortgages?

• Access to interest only mortgages throughout the UK
• Plus exclusive deals through the many mortgage clubs we subscribe to

Every month we help people, just like you, find their perfect mortgage. Find out why so many people put their trust in Homesavers Mortgages.

Your home is at risk if you do not keep up with payments on your mortgage or other loans secured on it.
Depending on your circumstances, a fee of £95 or 1% of the mortgage amount may be charged upon completion