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This makes our LTV . Invalid LTV.

Call Post Office 0808 178 6813
Post Office logo
Fixed Jul-2020 From Post Office
Initial rate 1.63% Jul-2020
Maximum LTV 60%
Overall cost of comparison 4.1% APRC
See deal
FREE Valuation
Post Office Interest Only Mortgages. Borrowing In Retirement Options Up To Age 80.
Call Post Office 0808 178 6813
Post Office logo
Fixed Jul-2020 From Post Office
Initial rate 1.63% Jul-2020
Maximum LTV 60%
Overall cost of comparison 4.1% APRC
See deal
FREE Valuation
Post Office Interest Only Mortgages. Borrowing In Retirement Options Up To Age 80.
Call NatWest 0800 068 8567
NatWest logo
Fixed Jul-2020 From NatWest
Initial rate 1.66% Jul-2020
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
Call Royal Bank Of Scotland 0800 068 7706
Royal Bank Of Scotland logo
Fixed Jul-2020 From Royal Bank Of Scotland
Initial rate 1.66% Jul-2020
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
Call NatWest 0800 068 8567
NatWest logo
Fixed Jul-2020 From NatWest
Initial rate 1.66% Jul-2020
Maximum LTV 60%
Overall cost of comparison 3.8% APRC
See deal
Call Virgin Money 0330 057 1528
Virgin Money logo
Fixed Sep-2021 From Virgin Money
Initial rate 1.74% Sep-2021
Maximum LTV 65%
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

Please make sure you meet the following criteria:

What is an interest only mortgage?

An interest only mortgage is where you only have to cover the mortgage’s interest each month.

Like any mortgage, the full amount of the capital that you borrow must be repaid by the end of the mortgage term.

Typically, interest only mortgage payments are some of the lowest available on the market. Despite this, bear in mind that the interest you pay over the life of the mortgage will be higher than other mortgages.

In addition, the risk of negative equity is much greater because the mortgage balance is not reducing with every payment.

Santander offer an interest only mortgage with competitive rates. If you want to explore your interest only mortgage options, then use the Santander interest only mortgage calculator at the top of the page.

Why do people choose an interest only mortgage?

Interest only mortgages offer the chance to secure a lower monthly payment on your mortgage.

Interest only mortgage when mortgage deal has come to an end: Often lenders will increase the interest on a mortgage following the introductory period has ended. If your initial mortgage deal has come to an end and your monthly payments have increased, you could remortgage with an interest only mortgage and pay less each month.

Release equity in your home: If you need to access a substantial amount of money, you could remortgage your property with an interest only mortgage.

People often remortgage to provide money for:

  • Home improvements
  • New Kitchen
  • New Ensuite bathroom
  • Consolidate other existing debts.

Remortgaging with a Santander interest only mortgage may be a good low cost way of paying for a new home project.

How to get an interest only mortgage

Every lender will have slightly different criteria for their interest only mortgage. However, it is common for lenders to require the following:

  • A repayment vehicle strategy: To satisfy the lender that you can repay the mortgage, you will need to provide details of your repayment vehicle strategy. An example of a repayment vehicle strategy could be the sale of your existing property.
  • A low loan to value (LTV): Lenders will only lend up to a percentage of the value of the property, this is known as loan to value.  Traditional lenders found in the high street will only even lend up to 75% LTV. There are some lenders who are prepared to provide mortgages with higher LTVs, but you will require the assistance of a professional broker to access these mortgages.

 

Independent advice

If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal, then speak to our independent mortgage broker team who will be able to offer impartial advice.

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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