Financial Adviser Newton Stewart, Wigtownshire ~ Financial Planning Newton Stewart, Wigtownshire
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Tel: 01671 403080

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Interest Only

How does it work?

Your monthly payments represent only the interest due to the lender, and do not include repayment of capital.

Lenders require evidence that a customer will have in place a clear, credible repayment strategy and that the repayment strategy has the potential to repay the capital borrowed.

Repayment strategies may include deposits or investment product(s), pension(s), periodic repayment of capital from irregular sources of income (i.e. bonuses), the sale of another property or other land or other acceptable methods which meet lending criteria.

Where the repayment of capital is an investment, the investment runs alongside the mortgage but is separate from it, the cost should be taken into account when calculating the overall costs of the mortgage arrangement.

ADVANTAGES:

  1. You can choose from a variety of investments, some of which have tax advantages.
  2. Should you move or arrange a remortgage, your investment can usually be reallocated to the new mortgage.
  3. Normally cheaper than repayment mortgages.

DISADVANTAGES:

  1. Unlike a repayment mortgage, the amount of debt outstanding does not reduce over time
  2. There is no guarantee that the investments chosen will grow sufficiently to repay your loan.

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.

You can choose how we are paid. We can either accept commission from the lender or you can choose to pay on a fee basis. Should you choose to pay a fee we will usually charge 0.5% of the loan amount subject to a minimum of £250.00. If the commission from the lender falls below £250.00 you will be charged the difference. We can also arrange a combination of these options.

For example, for a mortgage of £100 000 we will charge a fee of £500 (£100 000 x 0.5%)

TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.

TAX PLANNING IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.


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Company address:
Marr Financial Services Ltd, Central Office, 61 Victoria Street, Newton Stewart, Wigtownshire, DG8 6NL
T: 01671 403080
F: 01671 402549

Email: advice@marrfinancial.co.uk

Registration address as company address
Registration number: SC275449
Registered in: Scotland

Marr Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

Marr Financial Services Ltd is entered on the Financial Services Register (http://www.fca.org.uk/register/) under reference 705884.

The FCA do not regulate National savings products, loans, Will writing, Commercial Mortgages and some forms of buy to let mortgages and inheritance tax planning.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Telephone: 01671 403080 | advice@marrfinancial.co.uk

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