Interest Only Mortgages

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An Interest Only Mortgage is very often used by people who buy to let. With an interest only mortgage your monthly payments are usually quite low because you are paying back only the interest and not the capital. This means that the balance of the mortgage will always stay the same, so if you were to borrow £80,000, at the end of the mortgage term you would still owe £80,000 as you have only been paying back the interest on that £80,000. You should always consider before taking on an interest only mortgage how you intend to pay back the balance at the end of term.

Interest only mortgages can be used by new property buyers to keep monthly payments low for a short term whilst they concentrate on other things. They can then revert to a mortgage where they pay both capital and part interest.
Interest Only Mortgages can also be useful to the buy to let market as they pay off the interest only whilst they renovate a property and then they sell the property hopefully quickly never having to pay back any capital.
You should still remember failure to pay monthly instalments will still result in your lender seizing your property and reselling it to pay off the debt.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

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