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Mortgage Information - Interest Only Mortgages


Interest Only - Mortgage Information


What is a Interest Only Mortgage?

Mortgages can be divided in to two types: repayment mortgages and interest only mortgages.

Deciding which mortgage is best for you depends on a variety of factors, which is why it's important to do your financial homework first.

Interest only mortgages are deemed as being more risky because the borrower must take out an additional 'savings vehicle' (such as a personal pension plan or an endowment) to cover the outstanding loan when the mortgage closes. Because the performance of these investments depends on the stock market it's difficult to know exactly where you stand financially.

If the stock market is going well then borrowers stand to benefit, which isn't the case with anyone who has taken out a repayment mortgage. However, if the economy is in decline then there's a very real chance that the investment won't meet the final mortgage settlement.

Before you make any firm commitments it's a good idea to make an appointment with an independent financial advisor ( IFA ). Having made your mind up about which type of mortgage would be most advantageous, you can then turn your thoughts to deciding the best way to make your repayments.


List of Major Mortgage Lenders


OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.