Tips for getting the right interest only mortgage

Many people who are looking for a mortgage wonder whether they should go for a repayment or interest only mortgage. The main difference between these is that while for a repayment mortgage you have to pay off interest and a fraction of the borrowed money on a monthly basis, for an interest only mortgage you only need to pay off interest. This means that, if you take an interest only mortgage, you will have to put money aside in a separate account and repay the entire amount at the end of the term. Not everyone can qualify for an interest-only loan, as this depends on your personal financial situation.

One of the best ways of finding the right interest only mortgage for you is to compare the offers currently available on the market. There are plenty of websites specialised in comparing mortgages from various UK lenders. Having a general look on the offers will help you make your decision quickly.

A website where you can perform such a comparison is remortgage-me.co.uk. All you need to do is complete an online for and you will get a free no obligation quote for your mortgage. You will be asked to fill in your personal details, as well as information about your property and financial situation. After sending the form, you will be recommended to a mortgage adviser who will talk you through your options.

Another place where you can compare interest only mortgages is fairinvestment.co.uk. The free calculator available in this website allows you to get quotes from major UK providers such as Natwest, Santander, RBS, HSBC or Woolwich. To find out the best option for your needs, you only need to enter the amount you need to borrow, the duration of the mortgage and the approximate interest rate you’re expecting.

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