Interest Only mortgage calculator

Last updated: May 12th, 2022
  • Interest Only Specialists
  • Free Initial Advice
  • Exclusive Rates
  • Hundreds of 5 Star Reviews

Interest Only mortgage calculator

Last updated: May 12th, 2022
  • Interest Only Specialists
  • Free Initial Advice
  • Exclusive Rates
  • Hundreds of 5 Star Reviews

Interest Only Mortgage Calculator

NO CREDIT CHECKS!
Fill out the few details below to see how we could help you achieve a mortgage
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How our interest-only mortgage calculator works

Use our interest-only mortgage calculator to work out how much you might be able to borrow, based on your income and other factors. Please note that the figure provided by the calculator is for illustration purposes only. The exact amount you will be able to borrow can vary from lender to lender and will be based on your individual circumstances, income sources and credit history. To discuss your mortgage needs in more detail, give us a call today.

Is an Interest Only mortgage right for me?

Not all lenders offer interest-only mortgages, but they are available for most types of borrowers, from first-time buyers and home movers to buy-to-let borrowers and people looking to remortgage. This type of mortgage isn’t right for everyone – and it is essential to ensure that you have a suitable repayment vehicle in place to pay off the loan at the end of the mortgage term – but in some circumstances interest-only mortgages can be advantageous.

For some homebuyers, the lower monthly payments on an interest-only mortgage can help with budgeting. This can also apply to borrowers who may have irregular monthly income, such as contractors, freelancers or people who are self-employed. Some buy-to-let property buyers prefer interest-only mortgages because the lower monthly payment allows them to maximise their rental yield, and they either repay the mortgage when the property is sold, or make periodic lump-sum part repayments to pay down the debt.

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