Interest Only Mortgages
These mortgages used to be known as ‘endowment mortgages’. With these, the lender only charges you interest on the loan you’ve agreed. And you don’t pay the capital back until the end of the mortgage.
Your monthly repayments will be worked out depending how the rate you’ve chosen is set. At the end of the loan, you’ll have to pay back the initial capital you borrowed in full by whatever means you have arranged – like an Endowment Policy or an ISA.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it. Your home may be repossessed if you do not keep up repayments.
Andrew D
Thoroughly recommend Paul and the team
My partner Caroline and I recently bought our first home, and we really cannot overstate how helpful and reassuring Pembroke were throughout the whole process. Without Paul and Julie, our contacts at Pembroke, we probably wouldn’t be moving at all. Paul got straight on the phone with us at the start of the process, managed to explain each step in a really informative yet simple way, and was extremely patient with our various ‘first-time buyer’ questions and emails. Paul found some great mortgage deals for us, explained the pros and cons of each element (like the length of our fixed-rate term), and gave sound advice that made us feel comfortable and prepared. We would thoroughly, thoroughly recommend Paul and the team at Pembroke to anybody, especially to first-time homebuyers.
Ace Rothstein
They really went that “extra mile” for me
Pembroke Financial Services (Julie especially) actively went above and beyond what I expected from a mortgage adviser, they really went that “extra mile” for me and I cannot recommend them highly enough! Thank you!
