Switching from interest-only to a repayment mortgage may now be easier.
House prices are rising, and with the added bonus of historically low mortgage rates now could be the best time to switch to a product that allows you to repay your loan.
Around a third of all UK mortgages are on an interest only basis, but in the last year lenders have tightened their criteria for interest only lending and some lenders no longer offer deals at all.
However if you currently have an interest only mortgage, you may now find it easier to remortgage and switch to a repayment deal. With property prices on the rise, your equity is likely to have increased and with low rate deals on offer your repayments are likely to remain low.
If you haven't already got a repayment mortgage, call Deal Direct on 0800 048 8828 to find out about switching.
With a repayment mortgage you will pay back part of the capital owed every month in addition to paying interest. Call Deal Direct for a whole of market comparison of products and rates and get the best offers available.
Deal Direct can offer you expert impartial advice as to how to switch to a repayment mortgage. We can help you look at all aspects of your mortgage and source the best rates available in the market.
Our online search just takes a moment.
Within seconds you have a list of the most competitive rates market-wide.
