Switch mortgage to Interest only
Change mortgage to interest only
Remortgage to interest only
Some lenders will let you remortgage to an interest only mortgage without a repayment vehicle in place. In the past an interest only mortgage had to be covered by an ISA, Endowment or pension plans. Many interest only mortgage lenders will let you overpay on your mortgage balance each month by 10%.
Are you looking to remortgage to and interest only mortgage and not sure who to ask for help. Switching your mortgage to interest only is a great short term solution if you are struggling with payments due to illness, unemployment or divorce. As mortgage brokers we have access to the whole of the market.
For many people remortgaging to interest only can be the light at the end of the tunnel if you are struggling under a sea of debt and need to lower your monthly mortgage payments quickly, switching to interest only can be a good option.
Interest only mortgages are available for both employed and self employed, you can also remortgage to interest only with bad credit. For people with CCJ’s, Defaults, late payment or arrears showing on their credit file rates will be higher.
Interest only mortgages rates are the same as for repayment mortgages with fixed rates deals, discount rates and tracker rates available.
For more information on the best interest only mortgage deals in the UK speak to our mortgage advisors today 01202 512340