![]() Acceptable typesĬopy of latest projection statement dated within last 12 months.Įndowment companies will present three growth rates. This table sets out the repayment plans we currently accept which may change in the future.Īll evidence must be given on letter headed paper, from your repayment plan provider. When you apply, we’ll ask you to show us the repayment plan(s) that should provide enough money to repay everything you owe by the end of the mortgage term.įrom time to time, we may ask you to show us that your repayment plan(s) remains on track to repay the mortgage. With an interest-only mortgage, you will need to know from the start how you are going to find a lump sum to repay the loan at the end of the mortgage term. (Please note these limits change from time to time but were correct at January 2016.) Interest- only mortgages are only available when the amount of loan is less than 75% of our latest valuation of the property. ![]() This means that although your monthly payments will be less than if you had a repayment mortgage at the end of the mortgage you’ll still owe the amount you borrowed.The total cost of an interest-only mortgage will be higher because you will be paying interest on the full loan amount throughout the mortgage term. ![]() With an interest-only mortgage, your monthly payment pays only the interest charges on your loan – you don’t pay off any of the loan amount and won’t be reducing the loan.
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