An interest only mortgage means that you only pay the mortgage interest when you make your monthly repayments. This leaves the capital (the amount borrowed to purchase the property) to be paid by you as a lump sum at the end of the mortgage term.
In order to repay this lump sum at the end of the term, you must be able to demonstrate an acceptable repayment strategy when you apply for an interest only mortgage.
Our underwriting team will assess your individual circumstances and whether the repayment strategy is acceptable to ensure that you can meet your commitment to repay the capital element at the end of the mortgage term.
Our interest only mortgages must be repaid before age 85. Subject to individual product terms and conditions, we offer interest only mortgages up to 75% Loan to Value. You can also split your mortgage into part capital repayment and part interest only, please contact us for full terms and conditions.
*Mansfield Building Society are an introducer to Mortgage 1st for mortgage advice. Mortgage 1st is a trading style of Mortgage 1st Limited, which is an appointed representative of Stonebridge Mortgage Solutions Ltd, and is authorised and regulated by the Financial Conduct Authority. Mortgage 1st Limited is on the Financial Services Register under firm number 484231.
We do not charge a fee for referring you to Mortgage 1st. If you choose to speak to Mortgage 1st, we want you to know that we may receive a referral fee from them for that introduction (this only happens when completion of a new mortgage occurs, or you take out an insurance policy via Mortgage 1st). The fee is paid by Mortgage 1st, not you, and it does not affect the interest rate, fees, terms of the mortgage, or any other costs relating to the mortgage. You’re free to use a different broker or approach a lender directly if you prefer. If you’d like more detail on the referral fee and how this works, we’re happy to explain.
Your home may be repossessed if you do not keep up repayments on your mortgage
*Mansfield Building Society are an introducer to Mortgage 1st for mortgage advice. Mortgage 1st is a trading style of Mortgage First Limited, which is an appointed representative of Stonebridge Mortgage Solutions Ltd, and is authorised and regulated by the Financial Conduct Authority. Mortgage 1st Limited is on the Financial Services Register under firm number 484231.
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