Interest only mortgages

By taking out an endowment policy over the full term of your mortgage you should generate enough cash to pay off your mortgage and even have some money left over.

There have been many scare stories about endowment mortgages as endowment policies have not been performing well and may not meet the required sum to pay off your mortgage at the end of your term.

As an alternative to endowment policies, you may also take out other savings policies such as ISAs, TESSAs or pensions to repay your mortgage upon expiration.

The main advantage of an interest only mortgage is that the monthly repayments will be cheaper than for a repayment mortgage as you are only paying the interest on the money borrowed and not making any repayments towards the capital sum borrowed.

We can offer interest only mortgages to all applicants, including those with credit problems such as ccjs, arrears or defaults. Also the self employed with or without proof of income.

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