Flexible interest only mortgage deals remain available despite lending criteria changes.
Despite recent 'doom and gloom' interest-only mortgage news, flexible interest only mortgage deals are still available. This remains to be the case even though lenders are tightening their mortgage criteria.
Some mortgage lenders are starting to making it more complicated for borrowers to be accepted for such flexible interest only mortgage products, but deals can still be found. Deposit levels may have increased but with proof of an adequate repayment vehicle in place lenders are prepared to accept applications.
An interest-only mortgage means that you pay only the interest that is accrued each month. The capital owed should be paid into a separate repayment vehicle.
Flexible interest only mortgage products have an added bonus. They come with the option to make overpayments and underpayments, take payment holidays and make early repayment without incurring any penalty. Terms agreed will vary according to the specific mortgage providers lending criteria.
As mortgage providers are starting to tighten their interest-only lending criteria and clamp down on what they consider as suitable repayment vehicles, deals are best searched for through Deal Direct.
Our skilled mortgage brokers are up to date on the latest deals on offer and are familiar with mortgage providers different lending criteria.
To find out which lenders are still offering flexible interest only mortgage products contact Deal Direct and let us search for a competitive deal on your behalf.
