Interest-Only Residential Mortgages

Tackle the cost of living crisis with a flexible interest-only mortgage that lowers your monthly payments but still lets you pay more when you can afford it

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Lower Payments

Fully Flexible

70+ Lenders

Fast Decisions

The cost of living crisis is affecting pretty much everyone at the moment.  

Energy bills have gone up. The price of fuel has increased. The weekly food shop is more expensive. And then, of course, there’s the mortgage. 

Over the past couple of years, rates have shot up from their previous record lows meaning that a lot of people have seen their monthly mortgage payments double or even triple.  

You might not have noticed the impact of these increases yet, but if your fixed rate is finishing soon then you could be in for a nasty shock. And if you’ve already come to the end of your previous deal, then you might now be struggling with your new higher monthly payments. 

A lot of people believe the only solution is to cut back on other things. So they’re cancelling holidays, skipping nights out, or leaving the heating turned off. 

But there is another solution that means you can keep your monthly outgoings at a manageable level without having to make those sacrifices – and that’s to switch to an interest-only mortgage. 

This means that your monthly mortgage payment is reduced because you’re only covering the interest on the loan rather than paying off any of the capital. 

However, when you do have extra money – for example, if you receive an annual bonus – then you’ve still got the option to make overpayments whenever you like. 

The beauty of this approach is that you can chip away at your mortgage balance in the months where you can afford to pay a bit more, but you’re not forced to pay more than just the interest if you have a month where money is a bit tight. 

As long as you manage things correctly, this kind of flexibility can let you keep or buy the home you want without having to give up all of life’s pleasures. In fact, you could even end up paying off your mortgage sooner than if you stuck to a traditional repayment mortgage. 

Not all banks offer interest-only mortgages and those that do have strict rules around who they will offer them to. So, before you waste time or impact your credit score by applying to a lender who won’t accept you, it makes sense to take expert mortgage advice. 

And that’s where we come in. We’ve got access to over 70 lenders, including ones you won’t find on the High Street – which means if you apply through us you’re more likely to get approved and we’ll be able to find you the lowest cost option for your specific circumstances. 

To get started, fill out our quick enquiry form or give us a call on 0333 772 1551

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Fill in your details below and one of our interest-only mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the best deal

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Why Choose Us?

Lower Payments

Switching to an interest-only mortgage means your monthly payments will be much lower than with a traditional repayment mortgage. This can be really useful if you’re finding it hard to make ends meet at the moment or if you’ve had a temporary drop in your income.

Of course, you’ll need to make sure that you have a way to repay your mortgage at the end of the term and one of the things we’ll do is help you work out the best way to do that. We’ll also give you impartial advice to help you decide if interest-only really is in your best interests.

If it is, we’ll then present your application to the lender in a way that maximises the chance of them approving you for an interest-only mortgage.

Greater Flexibility

Choosing an interest-only mortgage can significantly reduce those daunting monthly payments. But the real beauty lies in how adaptable and flexible these mortgages are. 

in months when you have spare money, perhaps after an annual bonus or in those two months of the year when there’s no council tax to pay, you have the freedom to overpay on your mortgage and reduce the capital. But you’re never forced to do this. It’s always your choice and so long as you pay the minimum interest amount each month then the lender will be happy.

This flexibility not only gives you more control over your own finances, but also offers the potential for you to clear your mortgage earlier than originally planned.

Fast Decisions

No-one wants to pay more than they should for longer than they need to when their existing mortgage deal comes to an end. And nobody wants to miss out on getting their dream home because they can’t prove they’ve got the funds available to buy it

That’s why we’ve developed systems that allow us to get you a mortgage decision in record time. Our efficient processes and in-depth knowledge of the mortgage market mean that over 80% of our clients get a decision in principle from a lender within 24 hours. 

Huge Choice

We have access to over 70 different mortgage lenders offering a choice of thousands of different products. So if we can’t find you an interest-only mortgage then you can be pretty sure no-one can.

We’ve invested in state-of-the-art software with advanced algorithms to allow us to quickly find the lenders who offer the right mortgage deals for your particular situation – even if you’ve got credit problems or have an income that fluctuates throughout the year.

John AntoniouJohn Antoniou ★★★★★ From start to finish 5 star service. Errol came highly recommended from a good friend of mine who used his services. I found Errol to be very knowledgeable and polite, he updated me regularly, my mortgage application was seamless, from application to mortgage offer in under 7 days, wow, thank youRiza GulsenRiza Gulsen ★★★★★ Erol is next level! He helped us in getting not only a mortgage within a few days but also changing our current flat to a buy-to-let with ease! Would highly recommend him! Thank you so much once againCarol MartinCarol Martin ★★★★★ Excellent!Beverley Jones (UK)Beverley Jones (UK) ★★★★★ As a first time buyer I was really nervous and uncertain around the complicated process of sorting out a the best mortgage options. I did my own research initially using search engines and then contacted Errol to see if he could improve on the options I’d found. He certainly could, and not only that but he was super helpful and fast to respond every time I reached out. As I was buying during a real boom period I asked him for mortgage offers for multiple properties changing price / deposit amounts and shared ownership options, durations and he even managed to get me a mortgage in principle for a very complicated old building, having personally researched the rules around and the different parts of the property and return this to me within 48hrs which was very impressive. He was patient, informative and a calming influence. I don’t think I’d have moved forward to purchase without his support! Highly recommended.Cee JayCee Jay ★★★★★ I approached Mortgage broker Services for help with a buy to let remortgage. Errol was informative, impartial, and knowledgeable in his products and offerings. I received the outcome that I was hoping for and a perfect service from start to finish.Steve LSteve L ★★★★★ Errol has professionally advised me and my family and friends on 6 mortgages over 4 years. 5 star service would strongly recommendIsabella HannahIsabella Hannah ★★★★★ Excellent service!!Errol has been an excellent mortgage broker. He has guided us all the way through the process, even to finding a suitable solicitor. Great communication and fast service. He found us a great rate even at really turbulent time. I’d definitely recommend.George ProductionGeorge Production ★★★★★ Errol was recommended to me by a colleague at work. From start to finish he has dealt with everything with great professionalism. I will be recommending his services to any friends, family and colleagues who are looking to buy a property. Errol is a credit to Mortgage Broker Services ...Komal BKomal B ★★★★★ Errol is my go to man for anything financially related. He is very efficient and gets things moving very quickly. He also tells you how it is so you don't waste time exploring avenues that are not suitable for you.Carol ParillonCarol Parillon ★★★★★ The best broker I have ever worked with. Give you sound advice and really finds the best product for you. He makes the mortgage process so seamless. The only broker I would recommend every day of the week. Huge thanks for your services.Kelsey LaytonKelsey Layton ★★★★★ Errol always provides an outstanding serviceHighly recommended to anyone and everyone will only ever use Errol whenever I need help with my finances.Thanks again for all your help.Jennifer McBrideJennifer McBride ★★★★★ I have used Errol Hall as my broker for several years now. He has dealt with complex staircasing mortgages, as well as re-mortgages and always finds me the best deals on the market. I've also used his recommendations for conveyancing and surveys. He always explains the process clearly and puts me at ease.I've recommended Errol to several friends and colleagues who have been equally happy with his services.Thanks Errol!bobby sokhibobby sokhi ★★★★★ I can’t recommend Errol enough, he’s worked really hard to accommodate. I will and have recommended Errol to my family and friends. Thank youLouiseLouise ★★★★★ js_loader
“Errol turned around 2 remortgages for me within a 4/5 week period and also a remortgage, Life Policy & Landlords insurance for my partner, which was completed within 5 weeks. Outstanding work from Errol. Would highly recommend Errol for your mortgages and mortgage protection.”
Antonio A
Proprietor - Diamond Cut Carpets
"I can't speak highly enough of Errol. Fantastic service from start to finish it was a lengthy and complicated process. He was at the end of phone any time of day, always available to answer questions, often at weekends. He has helped us out a great deal and provided a high quality service. One very happy customer.”
Rob K
Financial Controller - Climb Online
“Errol has helped us to buy our new home. He is very professional, well educated, polite and co-operative person. We wish him a great success in his career.”
Farukh A
Project Manager - UK Power Networks

Lower Monthly Payments

Greater Flexibility

70+ Lenders

Fast Decisions

Start Your Mortgage search

Fill in your details below and one of our interest-only mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the best deal

Approved by The Openwork Partnership on 07/09/2023
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 
This article is for guidance purposes only and does not constitute advice. Each individual's circumstances differ and following a fact find, we can offer advice tailored to you.

Contact Details

Mortgage Broker Services is a trading name of Thomas Oliver UK LLP which is an appointed representative of The Openwork Partnership, a trading style of Openwork Ltd which is authorised and regulated by the Financial Conduct Authority

The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it

Your property may be repossessed if you do not keep up repayments on your mortgage.

Some buy to let mortgages are not regulated by the Financial Conduct Authority

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Start Your Mortgage Search

Fill in your details below and one of our interest-only mortgage experts will contact you to let you know which mortgages you qualify for and help you choose the best deal