| Interest Only Mortgages |
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As the name suggests with an interest only mortgage you are only paying off the interest on the loan. The capital remains unpaid. Typically, interest only mortgages run alongside an investment. The idea being that the investment is used to pay off the mortgage at the end of its term or even provide a surplus. The danger with this type of mortgage is that if the investment is unsuccessful you could lose your home at the end of the mortgage term. Proof of investment is no longer required by the majority of lenders for interest only mortgages. For advice on interest only mortgages please contact us. |
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