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interest only mortgages
lee8040
Posts: 554 Forumite
does anyone here have interest only mortgages, which you only pay back the interest payments?
if so how long is it over?
ta
if so how long is it over?
ta
0
Comments
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I think about 25% of all mortgages are interest only 10-15% on BTL, the rest are residential. The term is irrelevant as it is interest only, but yes oneday the debt has to be repaid. You could call it a 100 year mortgage. I will see if i can find a link.0
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Interest-only mortgages do have a term, at the end of which you have to repay the Bank. You might be able to do that by taking out another mortgage, if you are then young enough to obtain one.
Depending on your age and the lender's own criteria, you may be able to take out an interest-only mortgage for a term as long as thirty years or more.0
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