Interest only mortgage definition

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Some interest-only mortgages may include the interest payments for a specified time period-typically five, seven, our editorial policy.

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What Is an Interest-only Mortgage? - LowerMyBills
An interest-only mortgage is a loan with scheduled payments that require you to pay only the interest for a specified amount of time. An interest-only mortgage allows you to keep mortgage repayments down because you're only covering the interest part of the loan and not paying off the capital. An interest-only loan is a loan in which the borrower pays only the interest for some or all of the term, with the principal balance unchanged during the.

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The practical result is that the early payments in the interest-only period are substantially lower than the later payments. You can use our mortgage calculator to see our available mortgage rates and find out how much your monthly payments could be for a buy to let interest-only mortgage. If rates rise, so will the amount of interest you pay on your mortgage.

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