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This makes our LTV . Invalid LTV.

Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 27 months From Virgin Money
Initial rate 1.33%
Monthly cost £166 for 27 months
Overall cost 4.3% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 39 months From Virgin Money
Initial rate 1.34%
Monthly cost £168 for 39 months
Overall cost 4.1% APRC
See deal
Call NatWest 0800 096 7889
NatWest logo
Fixed 28 months From NatWest
Initial rate 1.38%
Monthly cost £173 for 28 months
Overall cost 3.8% APRC
See deal
Call Royal Bank of Scotland 0800 096 7966
Royal Bank of Scotland logo
Fixed 28 months From Royal Bank of Scotland
Initial rate 1.38%
Monthly cost £173 for 28 months
Overall cost 3.4% APRC
See deal
Call NatWest 0800 096 7889
NatWest logo
Fixed 28 months From NatWest
Initial rate 1.39%
Monthly cost £174 for 28 months
Overall cost 3.8% APRC
See deal
Call Royal Bank of Scotland 0800 096 7966
Royal Bank of Scotland logo
Fixed 28 months From Royal Bank of Scotland
Initial rate 1.39%
Monthly cost £174 for 28 months
Overall cost 3.4% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 27 months From Virgin Money
Initial rate 1.43%
Monthly cost £179 for 27 months
Overall cost 4.3% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 27 months From Virgin Money
Initial rate 1.44%
Monthly cost £180 for 27 months
Overall cost 4.2% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 27 months From Virgin Money
Initial rate 1.46%
Monthly cost £183 for 27 months
Overall cost 4.2% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed 27 months From Virgin Money
Initial rate 1.54%
Monthly cost £193 for 27 months
Overall cost 4.3% 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.

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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.

How To Get An Interest Only Buy To Let Mortgage

The good news is that in recent years a number of lenders have relaxed their criteria for this type of lending. 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.
  • 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.
  • 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 or 0117 403 3464 to access these rates. Some lenders will require a part interest and part capital repayment strategy for any borrowing over a set limit e.g. 60%. So if you have a 25% equity in your property, a lender may require that 15% of borrowing is on a part and part basis with 60% fully on an interest only basis.

Why do people Choose an interest only mortgage?

The main reason is to keep monthly costs to a minimum. 

1. Has your initial mortgage deal come to an end?

By switching to a better deal with a different mortgage provider, an interest only mortgage could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.

2. Are you looking to raise money?

By remortgaging you may be able to releasing equity in your investment properties.

People often remortgage to provide money for:

  • Rental property improvements
  • Deposit for a new property
  • Develop existing properties to increase rental yield


Independent Advice

If you are not sure what deal is right for you speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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

Latest news

Mortgage Rates Set To Fall - Is It A Good Time To Remortgage?

In response to the coronavirus outbreak in the UK, the Bank of England has dramatically cut their base rate from 0.75% to 0.1% which is considered to be an emergency measure to help support the economy through the financial disruption caused by the spread of the Covid-19 virus. How will this move impact your mortgage...

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