Interest Only Mortgages

If you choose an interest only mortgage you must remember that you will have to make your own arrangements to repay the capital. If this is just an initial short term solution to keep costs down you must remember to change to repayment when you can afford the repayments.

As an interest only mortgage only requires you to make interest payments to the mortgage lender each month, you will need to establish a separate long-term investment or savings plan to provide the funds to pay off the full amount remaining at the end of the repayment period.
Many lenders do not allow interest only mortgages for residential borrowing and those that do impose restrictions limiting either the percentage loan to value, the minimum equity amount required or both.

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your home may be repossessed if you do not keep up your repayments on your mortgage
always be sure you can afford the repayments before entering into a credit agreement
You should not proceed to purchase any product without seeking independent financial advice

Written quotations are available on request. Loans subject to status.


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