Repayment Types
Mortgage products are based on a Capital & Interest repayment method, however an Interest Only period on all new mortgage products is now available.
The 36 month Interest Only option could be ideal for purchasers of new businesses that need the ability to keep their outgoings to a mininmum in their first years of trading
With this facility the borrower will only repay interest in the three years (36 monthly payments) after which the payment will revert to full capital and interest repayment for the remainder of the loan term. The loan will therefore be fully repaid over the original term. If the borrower took out a loan over 25 years, they will start repaying the capital only in year 4 but the monthly payments will be calculated so that the loan is still paid off in 25 years. This will affect the borrowers monthly payment from month 37 (as they will increase even though there may be no rise in interest rates).
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