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Interest only mortgages

Interest-only mortgages

看黄神器免app免vip_免费的黄神器手机安卓_黄 色带 app免费试看How do they work?

Pay the mortgage interest each month without reducing the balance. You’ll need to have a realistic plan to repay the balance by the time the mortgage ends.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What is an interest-only mortgage?

看黄神器免app免vip_免费的黄神器手机安卓_黄 色带 app免费试看It’s a mortgage where you only pay the interest on the amount you’ve borrowed each month, with interest charged on the full balance. You’ll need to pay back what you borrowed by the end of the mortgage term. 

Can I get an interest-only mortgage?

  • You’ll need to earn at least £75,000 a year if applying alone
  • In joint applications, one of you must earn at least £75,000 a year, or your combined income must be at least £100,000
  • We’ll tell you how much you need to provide as a deposit when you apply for an interest-only mortgage with us
  • You’ll need to show us how you intend to repay the amount you borrow by the time the mortgage term ends 
  • You can’t rely on selling the property to provide this money just in case its value decreases

How do interest-only mortgages work?

Monthly payments for interest-only mortgages will be lower than for repayment mortgage because you’re not paying back any of the amount you borrowed – you’re just paying the interest on the full balance every month. If you meet our eligibility requirements, you can apply for any of our residential, offset or buy-to-let mortgages on an interest-only basis. You need to check regularly that your plan to repay the amount you’ve borrowed is on track. 

Should I get advice about interest-only mortgages?

We recommend that you get independent financial advice about your plan to repay the amount you borrow to buy the property. You can search the to find mortgage brokers that are authorised by the Financial Conduct Authority

看黄神器免app免vip_免费的黄神器手机安卓_黄 色带 app免费试看The Money Advice Service provides examples of ways you can repay your interest-only mortgage – but we’ll need to agree your plan before we’ll approve your mortgage application.

How to apply

Call us or visit a branch to make an appointment where we can discuss whether you’re eligible to apply for an interest-only mortgage.

Call us

Call us1看黄神器免app免vip_免费的黄神器手机安卓_黄 色带 app免费试看 any time – lines may be closed at off-peak times on bank holidays and during Christmas.

0333 202 7580

Visit a branch

Find a branch near you that offers appointments with mortgage advisers and see when we’re open.