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| Dec 2024: Monthly Payment On £100k Mortgage (25yrs) | ||
|---|---|---|
| Rate | Interest Only | Repayment |
| 3.94 - 2 Year Tracker | £410.41 | £660.98 |
| 3.70 - 5 Year Fixed | £385.41 | £643.86 |
| 5.15 - No ERC 2 Year Tracker | £536.45 | £747.63 |
| 3.88 - 3 Year Fixed Rate | £404.16 | £651.54 |
| 4.51 - Offset 2 Year Fixed Rate | £469.79 | £706.10 |
| 5.60 - 7 Year Fixed Rate | £583.33 | £784.39 |
| 5.60 - 10 Year Fixed Rate | £583.33 | £784.39 |
| 5.59 - Lifetime Tracker | £582.29 | £779.73 |
An interest only mortgage is one whereby you only pay the interest on the money you borrow and do not re-pay the capital borrowed. The main advantage of an interest only mortgage therefore is that the monthly repayments are much lower than a repayment mortgage.
It is a common belief that interest only mortgages are no longer available. This is not true as there are some lenders who still offer interest only mortgages although, as with any mortgage or remortgage at present, criteria is a lot more stringent.
With interest rates currently at an all time low why not find out what Best Fixed Rate, Offset, Tracker & Flexible Mortgages are still available. There are some great deals out there still if you know where to look & our service covers the whole UK market to compare every mortgage available to you, as well as some exclusive deals. You could save £££s by remortgaging with the right deal whilst interest rates are still very low!
Always seek independent advice when considering your mortgages options. We will access the whole market to find you the best product for your circumstances.