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Compare Interest Rates If You are Borrowing £200,000. Use our calculator to compare latest rates and deal with lenders direct or use our independent mortgage advice service.

This makes our LTV . Invalid LTV.

Call NatWest 0800 158 2934
NatWest logo
Fixed Jan-2022 From NatWest
Initial rate 1.21% Jan-2022
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
£250 Cashback
UK MARKET LEADING 2 YEAR FIXED RATE. Interest only option.
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed Jan-2022 From Virgin Money
Initial rate 2.05% Jan-2022
Maximum LTV 90%
Overall cost of comparison 4.5% APRC
See deal
£500 Cashback
£500 Cashback with this 10% Deposit Deal from Virgin Money
Barclays Bank logo
Fixed Jan-2022 From Barclays Bank
Initial rate 1.21% Jan-2022
Maximum LTV 60%
Overall cost of comparison 3.9% APRC
See deal
Call Royal Bank Of Scotland 0800 096 7447
Royal Bank Of Scotland logo
Fixed Jan-2022 From Royal Bank Of Scotland
Initial rate 1.21% Jan-2022
Maximum LTV 60%
Overall cost of comparison 3.9% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Nov-2021 From Post Office
Initial rate 1.27% Nov-2021
Maximum LTV 60%
Overall cost of comparison 4.2% APRC
See deal

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

This comparison simply includes all mortgage services

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Get A Great Interest Only Mortgage Deal

We are 100% independent. Find the best mortgage rates from UK lenders...

Mortgages Direct provides an independent mortgage quotes and advice service. When you submit this form you will be contacted by a regulated mortgage adviser to discuss your options.

Latest mortgage offers:

RBS Mortgages

2 Year Fixed - Interest Only Deal

  • Initial Rate - 1.21% APR
  • 60% Loan To Value (LTV)
  • £250 Cash Back

Overall cost for comparison 3.8% APRC

Call RBS FREE on 0800 096 7447


How To Get A 200K Mortgage?

In recent years the options open to you if you are looking for a £200,000 mortgage have increased.

While many lenders will offer a mortgage with a 5% deposit some now provide options where you can use equity in a close family members house to help you get on the property ladder.

Things to be mindful of include:

  • Lenders are keen understandably to ensure at the end of the mortgage term the loan will be repaid. Criteria for lenders will vary but all will want to understand how you intend to pay off the mortgage at the end of the term. If you opt for a repayment mortgage, your monthly repayment will include a portion of capital repayment. With an interest only mortgage you will need to have an alternative repayment strategy.
  • A repayment vehicle strategy will be required. Some lenders will accept sale of property as a way of paying off the debt. Some will want to see a saving plan such as regular investment into ISAs or investment vehicle. Where sale of property is not acceptable to lenders, they will often want to see statements of your investments as evidence that a repayment vehicle is in place.
  • Lenders will want to ensure your income supports the mortgage repayments. Most lenders work on an income multiple basis (typically up to 4.5 times annual salary)
  • Previous credit history - If you have had credit blips in the past this may effect the rate of interest offered to you.

Post Office Mortgage Offers

FREE Valuation Offer - Post Office offer a great range of interest only mortgage offers - Click here


Affordability

A key consideration for lenders is affordability when they lend. In assessing whether an interest only mortgage is right for you income criteria will come into play.

For example for a £200k mortgage, a lender typically would need to see a minimum income between £40,000 to £50,000. Some lenders offer higher income multiple mortgages for professionals e.g. doctors or lawyers.

This criteria will vary so if you are unsure speak to a broker such as ourselves will help you get the right deal for your circumstances.


Borrowing in retirement

Free up funds from your home so you can live the life you want to.

Post Office through their Retirement Link Mortgage » provide an interest only mortgage option which allows you to borrow on an interest only basis up to age 80.

This could be right for you if you are looking for a good alternative to equity release or you are looking to home improvements or raise funds for something special e.g. a child's wedding or first home deposit.

You can borrow up to 30% of the value of your property and your property must be worth at least £250,000 to qualify. Click here for more details »>


5 year fixed rate interest only mortgage with no product fee

Post Office RemortgagePost Office is offering a great deal on their 5 year fixed rate interest only mortgage with no product fee.

They also offer a great 3 year interest only fixed rate deal. Call Post Office on 0808 178 6813 or click here to find out how much you could borrow »


Independent Advice

If you are not sure about your mortgage options speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

Click to call

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Latest news

Cost of fixed rate mortgages have started to increase as Bank of England rate rise looms

A number of high street banks have started to increase their mortgage rates. The reason for this is that banks are having to pay more to access the funds they lend out to UK homeowners.

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We've been comparing and recommending mortgage deals for many years so you can trust you're in good hands.