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We can help you find the cheapest interest only mortgage:

Interest-only mortgages

At Switchit4u we aim to save you as much time and money as possible. If you're looking for a cheap interest only mortgage then you've definitely come to the right place. Switchit4u can help you find the best interest only mortgages in the UK. Finding the right product can be a stressful process, so let us do all the work for you. Apply for cheap interest only mortgage quotes online now. It's fast and free, with no obligation or credit checks.

As the name suggests, your monthly payment only pays the interest charges on your loan - you're not actually reducing the loan itself. This is why it's very important you arrange some other way to repay the loan at the end of the term; for example, through an investment or savings plan.

If you choose this option you will need to check that your investment or savings plan grows accordingly, so that at the end of the term you'll have enough money to pay off the loan. If it doesn't grow as planned, you will have a shortfall and you'll need to think about ways of making this up.

The pros: Because you're only paying off the interest, and not the loan itself, your monthly payments will be lower.

The cons: That debt is not going to go away. Throughout the life of the mortgage, you'll need to check your investment or savings plan is on track to repay your loan at the end of the term. If you can't repay it at the end of the term you could lose your home.

So, choosing a repayment or interest-only mortgage is one decision. The other will be to choose the interest-rate deal.

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