Interest-only mortgage searches soar

11 December 2023

With a growing number of borrowers seeking new ways to lower their monthly expenditure, it was revealed (1) that the number of searches relating to interest-only mortgages had skyrocketed by 53%.

Interest spikes in interest-only

Indeed, the research showed that ‘interest-only mortgages’ had become the most common mortgage-related search term, attracting more interest than other staples like ‘buy-to-let’ and ‘fixed-term.’

Analysts suggested that the jump could be linked to the Mortgage Charter launched in June to support homeowners. This means that many borrowers now have the choice to swap to an interest-only mortgage for up to six months, if needed.

It is important to remember that help is available if you are struggling to keep up with repayments.

(1) L&G, 2023

🚨 Data accurate as of the date of publication – 11.12.2023

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q4 2023

Rate this post

Do you need professional advice or a no obligation quote?

Ask us for a quote

Articles

Podatek od zysków kapitałowych Navigating Capital Gains Tax – need to knows
21 June 2024
Capital Gains Tax (CGT), the levy on profits from the sale of assets such as...
First Time Buyers First-time buyers overlooked?
20 June 2024
The Spring Budget came as a disappointment for anyone looking to get a foot on...
Equity realise Equity release trends
19 June 2024
Statistics from the Equity Release Council highlight the trends seen in the market last year...
Insurance quote