Interest Only Mortgages Tips

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Tips - Interest Only Mortgages

  • Monthly instalments for interest only mortgages are considerably lower than those for repayment mortgages, making them attractive for investors looking to cash in on rising house prices.

  • In the long term, a repayment mortgage is cheaper.

  • You can pay off part or all of the mortgage, or switch to a repayment mortgage, at any time.

  • Many people decide on this option if they see their income increasing in the future or wish to spend the extra cash on new furniture or renovations, for example. Interest only mortgages are also popular with people with fluctuating income.

  • An interest only mortgage may make it possible to buy a bigger house now and save the cost of moving later.

  • Endowment mortgages, a combination of an interest only mortgage and an endowment policy, may seem attractive, but there is a risk that the income from the endowment will not be enough pay off the loan at the end of the term.

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