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Summary:
We are seeing a return to the interest only mortgage. Unless you're sure that you've taken the right steps to cover the eventual capital payment, the future could be a little uncertain.
Is “interest only” worth the risk? Part 2
Author: Dot Piper
Should the borrower decide not to cover the capital with some sort of
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Mortgage lenders point out that there are other options. If you take out a more comfortable repayment mortgage and increase to term from the usual 25 years to maybe up to 35, you would lessen your mortgage expenditure. The saving on an average loan of £125,000 would be just over £100 per month.
Nowadays, many people move homes after eight or so years, so not many mortgages run their full course. Should this occur, then it would be a good time to see what's available and re-assess the mortgage situation.
It's possible to get a mortgage that offers the option to pay half the loan as a repayment mortgage and the balance on an interest only with repayment at the end. Adjustments can always be made if you find you're able to pay a little more each month.
Don't gamble with your home. Think carefully before you make any decisions about a mortgage. There are a lot of options out there and lots of pitfalls too. Fortunately it's very easy to get professional advice. An esperienced mortgage broker will know all the answers and has access to the very best mortgage quotation deals, allowing for your own personal circumstances.
That's the best advice we can offer.
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