Interest Only Mortgages

Interest only mortgages used to be extremely popular a decade or two ago, but are now harder than ever to get. That’s where The Financial Guys come in!

We’ll have a chat to discuss your financial goals and circumstances, agree on what the best mortgage product is for your situation and help you obtain a product that will help you purchase or remortgage your dream home.

With an experienced team behind you, you can be sure we’ll be with you every step of the way to achieve your property goals.

How Can We Help?

Expert Guidance

Our team of mortgage experts understands the complexities of interest only mortgages – making sure we help you get the most suitable product to meet your financial goals.

Extensive Panel of Lenders

We’re not tied to any particular lender, so we’re only interested in getting you the most suitable product for your circumstances – not sales targets!

Modern & Streamlined Process

We know you’re busy so our process makes securing a mortgage as quick and easy as possible, using the latest technology and evening/weekend appointments to suit you.

What Do People Say About Us?

The Financial Guys Process

Securing a interest only mortgage can be a unique and challenging task  However, with the right preparation and guidance, we can help evaluate whether an interest-only mortgage is suitable and navigate the complexities of these types of loans effectively.

Initial Chat

We’ll book you in for a completely free, no obligation chat with our mortgage team to allow us to quickly assess what options might be available to you and to answer any questions you have.

Decision In Principle

After the intial chat, we’ll ask for the information and documentation we require to get you a decision in principle – this will give us an indication of how much a mortgage provider is willing to lend you for your rental property.

Find A Property

This is the fun part where you go and find a property that fits your budget.  With our expert knowledge of the local area, we can help make sure that you don’t pay too much for a property and that you one you pick will help you achieve your financial goals.

Full Application

Once you’ve chosen the property and had an offer accepted, we get the ball rolling with a full application – and you’ll have the keys in your hand before you know it!  We’re there every step of the way, to keep you fully up to date with the process and answering any questions you have on the way.

We Hold Your Hand Every Step Of The Way

Navigating the home-buying process can be daunting, but with our comprehensive financial service, you’re never alone. We hold your hand every step of the way, providing expert guidance and support until you get your keys.

Start Today – Book A No Obligation Chat

Our 15 minute initial chat allows us to assess the best way to help you and to answer any questions you have about buy to let mortgages.

About Us

At The Financial Guys, our mission is to help you achieve financial security and peace of mind. We understand that every client’s financial situation is different, and we pride ourselves on offering personalised advice that aligns with your individual goals and circumstances.

As a family-run business, we infuse our family values into every decision we make. This approach ensures that our clients remain at the heart of everything we do, enabling us to consistently deliver outstanding customer experience. Together, we strive to achieve the best possible outcomes for each and every one of our clients. In essence, we’re one big family working together to support and uplift our clients.

Disclaimer

Your property may be repossessed if you do not keep up repayments on your mortgage. The Financial Guys fees are payable on application. We may charge a broker fee of up to £695 depending on the nature/amount of work involved.

Frequently Asked Questions

What is an interest-only mortgage?

An interest-only mortgage is a type of loan where you only pay the interest on the loan each month, without paying down the principal (the original amount borrowed). This means your monthly payments are lower compared to traditional mortgages.

Who are interest-only mortgages suitable for?

Interest-only mortgages may be suitable for borrowers who:

  • Have irregular income or expect their income to increase significantly in the future.
  • Want lower initial monthly payments to afford a more expensive property.
  • Plan to use savings or investments to repay the principal at the end of the interest-only period.

Our advisers will be able to offer advice about whether this is the best option for your circumstances.

 

What are the benefits of an interest-only mortgage?
  • Lower Initial Payments: Monthly payments are lower during the interest-only period, freeing up cash flow for other investments or expenses.

  • Flexibility: Borrowers can invest the money saved on monthly payments, potentially earning a higher return than the mortgage interest rate.

What are the risks of an interest-only mortgage?
  • Higher Total Interest Costs: Because you’re not paying down the principal, the total interest paid over the life of the loan may be higher compared to a repayment mortgage.

  • Property Value Risk: If property values decline, you may owe more than the property is worth at the end of the interest-only period, potentially leading to negative equity.

  • Future Repayment Concerns: It’s essential to have a solid plan for repaying the principal at the end of the interest-only period, such as selling the property, refinancing, or using other assets.

Can I make additional payments towards the principal on an interest-only mortgage?

Some lenders may allow borrowers to make additional payments towards the principal during the interest-only period. This can help reduce the overall loan amount and potentially lower future monthly payments.

How do lenders assess eligibility for an interest-only mortgage?

Lenders typically assess eligibility based on:

  • Creditworthiness: Borrowers generally need a good credit score, demonstrate a track record of repayments and have a good plan of how they’ll pay off the capital sum when its due.
  • Income Stability: Lenders evaluate income sources to ensure borrowers can afford the monthly payments, including future principal repayments.

The Financial Guys is a trading name of Platinum Financial Limited which is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

The Financial Conduct Authority does not regulate some forms of Buy to Let. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Contact

  • 0333 012 4574
  • hello@thefinancialguys.co.uk

Opening Hours

Monday
8:00 - 16:00
Tuesday
8:00 - 16:00
Wednesday
8:00 - 16:00
Thursday
8:00 - 16:00
Friday
8:00 - 16:00
Saturday
Closed
Sunday
Closed

Evening and weekend appointments available.

Find Out What Lenders See When They Check You

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Copyright © Platinum Financial Ltd. Registered in England & Wales (11298789)
Registered Address: 30 Benton Road, High Heaton, Newcastle upon Tyne, NE7 7DU

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