Interest Only Mortgage

An interest only mortgage allows you to pay just the interest on your mortgage for the term of your mortgage. You don’t have to repay the capital amount you’ve borrowed until the end of the mortgage term.

These days Interest only mortgages can be challenging to secure. Our mortgage advisers are experts in Interest Only mortgages, and can offer sound advice on how to get the best mortgage deal possible.

We will review your personal circumstances and then search the entire market to ensure you get the best mortgage deal possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can:

Save you money on your mortgage deal
Offer a free consultation
Offer unbiased financial advice
Save you time in your mortgage application

Give you a dedicated account manager who is available to you throughout the process.

Repayment Mortgages vs Interest Only Mortgages

Interest only mortgages differ from typical repayment mortgages. With Repayment mortgages, you gradually repay the money you’ve borrowed on the full mortgage amount throughout the agreed mortgage term. With repayment mortgages you make one payment a month to your lender, part of which goes towards repayment of the actual loan, and the rest covers the interest. This means your monthly payments are higher than that of an interest-only.

With interest only mortgages, you’re only paying the mortgage interest per month, so your payments can be far lower than a repayment mortgage. However, this means you will need to make other arrangements for paying back the full capital at the end of the mortgage term. You will need proof of a legitimate repayment plan to pay off your mortgage at the end of the mortgage term. Acceptable repayment plans vary by lender, and may include:

Savings in ISAs
Stock market investments
The sale of a property
Remortgaging

How Can Friends Capital Help?

Friends Capital have pre-existing relationships with lenders that welcome interest only mortgages. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:

Find you a lender that offers interest only mortgages
Find you a deal appropriate to your personal circumstance
Offer unbiased financial advice
Give advice on what mortgage lenders will require, including giving you advice on an exit strategy for the mortgage end
Give you a no obligation mortgage quote
Deal with all the paper work, liaise with the lenders and solicitors. We will also make sure the application goes through as quickly as possible

Either, book an appointment online or request a call back below.