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Looking for an interest only mortgage, see our Virgin Money interest only mortgage calculator.

This makes our LTV . Invalid LTV.

Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2020 From Post Office
Initial rate 1.45% Sep-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 Dec-2020 From NatWest
Initial rate 1.53% Dec-2020
Maximum LTV 60%
Overall cost of comparison 4% APRC
See deal
Call NatWest 0800 068 8567
NatWest logo
Fixed Dec-2020 From NatWest
Initial rate 1.54% Dec-2020
Maximum LTV 60%
Overall cost of comparison 4% APRC
See deal
Call NatWest 0800 068 8567
NatWest logo
Fixed Dec-2020 From NatWest
Initial rate 1.54% Dec-2020
Maximum LTV 60%
Overall cost of comparison 4% APRC
See deal
Call Royal Bank Of Scotland 0800 068 7706
Royal Bank Of Scotland logo
Fixed Dec-2020 From Royal Bank Of Scotland
Initial rate 1.54% Dec-2020
Maximum LTV 60%
Overall cost of comparison 4% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2020 From Post Office
Initial rate 1.55% Sep-2020
Maximum LTV 60%
Overall cost of comparison 4.1% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2020 From Post Office
Initial rate 1.58% Sep-2020
Maximum LTV 60%
Overall cost of comparison 4% APRC
See deal
Call Post Office 0808 178 6813
Post Office logo
Fixed Sep-2020 From Post Office
Initial rate 1.63% Sep-2020
Maximum LTV 60%
Overall cost of comparison 4% 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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Compare Virgin Money with the best mortgage rates from other 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.

What is an interest only mortgage?

Interest only mortgages are mortgages that only need the interest of the mortgage paid each month. With an interest only mortgage the entire mortgage is repaid at the end of the mortgage term, which usually results in a large one off mortgage repayment. 

Interest only mortgages repayments are usually low and often are some of the lowest available in the mortgage market. This may be an attractive prospect, especially if you want to minimise your monthly outgoings.

It should be noted that the monthly payments are smaller than almost any other type of mortgage; however, the interest charged over the full mortgage term is often high.

In addition, interest only mortgages may put you at higher risk of negative because the monthly payments do not reduce the overall mortgage balance.

Virgin Money offer their customers a number of mortgage deals including interest only mortgages. Use our Virgin Money interest only mortgage calculator at the top of the page to help you find a mortgage deal that suits your financial needs.

Why do people choose an interest only mortgage?

If you think your mortgage payments are too high, you could look into an interest only mortgage.

Interest only mortgage when mortgage deal has come to an end: The end of your initial mortgage can present an opportunity to improve your monthly payments. The Virgin Money calculator at the top of the page allows you to see the best interest only mortgages available.

Release equity in your home: One way to fund a project is to release the equity in your property. By remortgaging with an interest only mortgage, not only can you access a substantial amount of funding, but also minimise the amount you pay each month on your mortgage. Releasing the equity in your property with an interest only mortgage could be used for:

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

Depending on the amount of equity in your property, you could access all the funding you need from a Virgin Money interest only mortgage.

How to get an interest only mortgage

There is not one definitive set of criteria for an interest only mortgage. However, there are some common lender requirements. Typically, the majority of lenders will require the following:

  • A repayment vehicle strategy: Before a lender will grant an interest only mortgage, they will request the details of how you intend to repay the mortgage. This is known as a repayment vehicle strategy.  An example of a repayment vehicle strategy is using the proceeds of the sale of your existing property.
  • A low loan to value (LTV): Lenders will not provide a mortgage with a large LTV and often will only lend up to a percent of your property’s value; this is commonly under 75% LTV. Although higher LTV mortgages are available, they are only accessible through professional brokers.

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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