Interest Only Mortgages

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Don't you mean endowment mortgage?

For many people, interest only mortgages are called 'endowment mortgages' or even 'pension mortgages', but strictly speaking these names describe an interest only mortgage plus the method by which it is repaid. In other words, an endowment mortgage is an interest only loan that is repaid by the proceeds of an endowment policy etc.

How they Work

An interest only mortgage is where the lender (a bank or building society usually) only charges you interest on the loan you've agreed. You don't pay the capital back until the end of the mortgage. The lender will usually ask you at the outset, to provide an investment plan of one type or another to repay the loan at the end of the term, such as an endowment policy or ISA savings plan, but sometimes they will leave the repayment plan entirely up to you.

Every month, you then pay this interest to the lender for the duration of the loan. The lender calculates your monthly repayments depending upon how the rate you have chosen is set. At the end of the loan period, the lender will expect the initial capital they lend you to be repaid in full by whatever means you have arranged.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Flexible Capital Interest Lifetime Mortgages Reversion Schemes

The levels and bases of taxation and UK interest rates are subject to change.

The guidance contained within this website is subject to the UK regulatory regime & is therefore primarily targeted at consumers based in the UK.

Square Financial Ltd is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266.

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We are a firm of mortgage specialists based in West Yorkshire, with advisers also located throughout the North of England.

We provide advice to both individuals and companies on certain aspects of financial planning, through a long term approach of fully understanding our clients' needs, wants and aspirations and then prioritising objectives. As advisers, we can help you arrange suitable contracts to suit your requirements. We have many years of experience in finding the most suitable solution for our clients' needs.

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The guidance provided within this website...

...is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. The levels and bases of taxation and UK interest rates are subject to change. Square Financial Ltd is an appointed representative of TenetLime Limited, which is authorised and regulated by the Financial Conduct Authority. TenetLime Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 311266