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Tel: 01938 556 000

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Interest Only

How does it work?

Your monthly payments represent only the interest due to the lender, and do not include repayment of capital.

Lenders require evidence that a customer will have in place a clear, credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.

Repayment strategies may include deposits or investment product(s), pension(s), periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.

Where the repayment of capital is an investment, the investment runs alongside the mortgage but is separate from it, the cost should be taken into account when calculating the overall costs of the mortgage arrangement.

ADVANTAGES:

  1. You can choose from a variety of investments, some of which have tax advantages.
  2. Should you move or arrange a remortgage, your investment can usually be reallocated to the new mortgage.
  3. Normally cheaper than repayment mortgages.

DISADVANTAGES:

  1. Unlike a repayment mortgage, the amount of debt outstanding does not reduce over time
  2. There is no guarantee that the investments chosen will grow sufficiently to repay your loan.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

For mortgages we can be paid commission or a fee. For standard mortgages our typical fee is £100 payable upon application and we will receive commission from the lender. For more complex mortgages our typical fee is £500 payable upon application and we will refund the commission from the lender.

TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.

TAX PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.


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Company address: MARS Independent, 44 High St, Welshpool, Powys, SY21 7JQ
T: 01938 556 000
Email: info@marsindependent.co.uk

You voluntarily choose to provide your personal details via this website. Personal information will be treated as confidential by us and held in accordance with Data Protection Act 1998. You agree that such personal information may be used to provide you with details or services in writing or by telephone.

Email communications are not secure and for this reason MARS Independent cannot guarantee the security of the email, its contents or that it remains virus free once sent.

Partners : Martin Mitten, Richard Jones, Gareth Roberts

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

MARS Independent is an appointed representative of TenetConnectServices Ltd which is authorised and regulated by the Financial Conduct Authority. TenetConnectServices Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.

Telephone: 01938 556 000 | info@marsindependent.co.uk

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