Most lenders will only offer an interest only mortgage if the loan to value (LTV) is lower than a set percentage of the value of the property you are mortgaging.This is typically 75% LTV or less. There are a few lenders that will go up to 85% LTV but you will need to speak to our independent mortgage team to access these rates.
The statement explained: “When looking at developing new products, it’s important for us at Tandem to make sure we are designing them with the customers’ and potential customers’ best.
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The main advantage of paying a mortgage on an interest-only basis is that your monthly payments will be much cheaper. Let’s say you borrow 200,000 on an interest-only basis, over 25 years, at an interest rate of 3%. If you repay the mortgage on an interest-only basis you’d pay 500 a month.
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An interest-only mortgage is a niche product that can be difficult to find these days. See NerdWallet’s picks for some of the best interest-only mortgage lenders in 2019.
What is an interest only mortgage? With an interest only mortgage, you only pay back the interest on the money you’ve borrowed each month. At the end of the mortgage term, you owe exactly what you borrowed and you’ll have to find a way to pay off this amount. However, they aren’t as common as a standard repayment mortgage given the risk to the bank of getting their money back.
An interest-only mortgage is a loan where you make interest payments for an initial term at a fixed interest rate. The interest-only period typically lasts for 10 years and the total loan term is 30.
Interest-only mortgages are still available, but they’re no longer offered to borrowers at the lower end of the affordability scale. Instead, criteria are likely to include a very high minimum income and a substantial deposit – usually of at least 25% and sometimes as high as 50%.
Our maximum loan for interest only mortgages has gone up from 50% to 60% Loan to Value (LTV). This means that you can borrow up to 60% of the value of your property on an interest only basis. This means that you can borrow up to 60% of the value of your property on an interest only basis.