Interest-only Mortgage
This type of mortgage, as the name implies, means that as a borrower you only pay interest on the money you have borrowed back to the lender. Therefore as you are only paying interest the lender will not get back the money they have lent you.
In this instance you will need to have a “repayment strategy” to ensure the lender gets their money back. There are varying options depending on your circumstances and this type of mortgage should only be undertaken after receiving the appropriate kind of advice.
For further information and advice or to arrange a consultation please contact us.