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.
