Interest Only Remortgage
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What is an interest only remortgage?
Are you considering a remortgage deal? If so, there are a wide range of options for you to consider including standard repayment remortgages and interest only remortgages. An interest only remortgage means that you to only repay the interest that is owed each month on your mortgage, without paying off any of the mortgage itself. You will need a repayment plan in place for when the mortgage term ends. This is usually an investment of some kind, and therefore interest only remortgages carry a higher risk than standard repayment remortgage deals as if your investment performs poorly or you cannot repay the mortgage at the end of the term for other reasons, you could lose your property.
Types of interest only remortgage
There are a wide range of different interest only mortgage deals to choose from and some of these are detailed below:
- Interest Only Tracker rate mortgages – an interest only tracker rate mortgage will follow the Bank of England Base rate
- Interest Only Fixed rate mortgage – an interest only fixed rates mortgage offers guaranteed interest rates for a set period which gives you the reassurance of knowing exactly how much you will need to pay each month.
If you are remortgaging, one of the advantages of an interest only mortgages is the opportunity to condense your mortgage into smaller monthly repayments – often, one of the key priorities when it comes to remortgaging is saving money.
Bear in mind that an interest remortgage may not necessarily be the right choice for you. Because of their less secure nature when compared to repayment mortgages, it is very important to do your research to make sure that an interest-only mortgage is right for your circumstances.
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