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Interest Only Mortgages

Take control with interest only

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

Interest only mortgages

What is an Interest Only Mortgage?

If you want to make your money work harder and be in control of your cash flow, an Interest Only Mortgage might be for you.

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With an Interest Only Mortgage you'll have lower monthly payments than with a Capital & Interest mortgage. This is because your monthly mortgage payment only covers the interest charged on the amount you've borrowed.

You'll still have to repay the amount you originally borrowed, in full, at the need of your mortgage term. That's why you need to meet the following criteria to be eligible.

Your eligibility is based on:

 

 

How much you earn

  • You need to earn £100,000 or more a year, before discretionary bonuses

Your amount of Loan to Value

  • Maximum Loan to Value (LTV) of 75% and a minimum loan amount of £25,000

Your repayment plan

Your repayment plan needs to be:

  • Approved by us
  • Reviewed regularly to make sure you're on track to pay off the mortgage, and so that you can make any necessary changes
  • Discussed with us if there are any changes or concerns which might affect your ability to repay at the end of the term

You will need to make up any shortfall at the end of the term - if you can't repay the outstanding balance in full you could lose your home.

You'll also need to be aged between 18-70, and have a maximum of two applicants - both of whom must be on the mortgage and the title of the property.

 

 

Speak to us about your options Interest Only not for you? Find out about Capital & Interest Mortgages here

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Speak to us

To talk through your options for an Interest Only Mortgage, call 0800 096 9527, visit your branch or speak directly with your Private Banking Manager.  

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