With an interest only remortgage you pay off the monthly interest, not the capital itself. Fresh Start Finance specialises in finding the best low APR remortgage and loan deals for you - even if you have a bad credit history. Call us now on 0800 389 6345 for an instant decision on an interest only remortgage, or to enquire about any other type of loan or remortgage.Interest only remortgages allow you to pay off just the interest through your monthly repayments, leaving the initial loan figure to be paid off in full at the end of the term. The idea is to make payments into another investment plan, such as an ISA, pension scheme or endowment policy, so that you can afford to pay off the sum at the end of the remortgage period. Ideally, you will have some extra cash left over from your investments.
There is a higher risk associated with interest only remortgages because they depend on you investing the money and making enough returns to pay off the capital. It’s important to ensure that payments to your chosen savings plan are kept up, or you run the risk of not being able to afford the payment on your home. As most investment schemes are linked to the stock market, there is no guarantee that you will make enough to pay off the overall sum.
If you are a low earner, but expect to earn more in the near future, you may want to get an interest only remortgage and then switch to a repayment remortgage when you can afford it. For other repayment methods, visit our repayment remortgage, investment backed, or part and part pages.
Apply for a low APR interest only remortgage with Fresh Start Finance
Or phone now for an instant decision on 0800 389 6345. Our friendly, experienced team are waiting to take your call!
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