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Interest Only Mortgages
Find The
Best Interest Only Mortgages. Compare Interest
Only Mortgage Rates. Find out whether an Interest
Only Mortgage is right for you.
Interest-only
mortgages are pushed aggressively nowadays by
lenders and brokers, but they're not for everyone.
With an interest only
mortgage loan, you pay only the interest on the
mortgage in monthly payments for a fixed term. After
the end of that term, usually five to seven years,
you either remortgage, pay the balance in a lump
sum, or start paying off the principal, in which
case the payments can jump skyward.
An
interest only mortgage might be a good fit for:
 | someone whose
income is mostly in the form of infrequent
commissions or bonuses; |
| someone who
expects to earn a lot more in a few years;
|
| someone who
truly will invest the savings on the difference
between an interest-only mortgage and an
amortizing mortgage, and who is confident that
the investments will make money. |
Financial advisers don't recommend interest only
mortgages to regular wage earners who take out
moderate-size home loans and don't
have a strategy for investing the savings.
There are a
number of companies who offer competitive interest only mortgage lender.
Remember it is worth shopping around for a mortgage
and comparing the different mortgage interest rates
to find the right deal for you. Use our free
Mortgage
Calculators to work out repayments and compare
the different mortgage interest rates.
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