Cheap Mortgage Deals
Capital and Interest Only Mortgages - Cheap Mortgage Deals
An Interest Only mortgage is one where the borrower or mortgagee pays the interest only back each month. This particular mortgage is not a popular residential option as because none of the loan that relates to the property is paid off during the life of the mortgage and is still to owed when the mortgage has finished.
Interest only mortgages are often taken out for second properties. When the property is sold and the outstanding sum discharged, the rise in the property market will mean that the sum outstanding is greater then the sum owed.
Popular with landlords who have tenants paying rent to cover the interest payments.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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