With the credit crunch came a crackdown on interest only lending as research showed that many did not have a suitable repayment vehicle in place to repay their borrowing at the end of the term.
Many comparison sites suggest that interest only is readily available, and it is if you fit the criteria of the bank in question.
Interest only does have a place and can make sense in some instances. Most require you to have a suitable repayment vehicle in place to repay the borrowing in full at the time of application, however some banks will consider lump sum reductions in capital and even downsizing as a repayment vehicle if this is plausible.
If you would like to find out if you qualify please get in touch
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Wooton & Bean is a trading name of Wooton & Bean Financial Solutions Limited.
Wooton & Bean Financial Solutions Limited is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority.
TenetLime Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.
Registered office: 1st Floor, 65 The Broadway, Haywards Heath, RH16 3AS. Registered in England No:9187571