![]() ![]() As some borrowers can't do this, most lenders require them to provide evidence of their intended repayment plan, with a large deposit, before considering them for an interest-only mortgage. ![]() ![]() Remortgaging your buy-to-let property can help you save money on monthly payments and free up equity, as well as get a better interest rate. Unless you intend to sell your property when your mortgage term ends, the idea behind an interest-only mortgage is that you save or invest the difference to ensure you have the money to pay off the original loan. Comparing mortgages with MoneySuperMarket will show you deals from across the market, helping you find the best buy-to-let mortgage rate for your needs. Just enter the amount you want to borrow and the interest rate.ĭespite making monthly payments, the amount you'll owe the lender remains the same with an interest-only loan, and you'll need to find £200,000 to pay the lender at the end of the mortgage term. Our interest-only calculator will help you calculate how much your monthly interest payments will be. You aren't required to make any repayments towards the principal loan during this time, so your monthly payments will be lower than what you'd pay with a standard repayment mortgage.įor example, if you have a 25 year, £200,000 mortgage with a 3% interest rate, your interest-only payments would be £500 rather than almost £950 on a repayment mortgage. How to Get a Mortgage on a Thatched PropertyĪn interest-only mortgage is a type of mortgage where you only pay the interest on the loan over the mortgage term.Can I Get a Mortgage with Japanese Knotweed?. ![]()
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