61% of all available mortgage products were available with interest-only options

 

An article in Mortgage Introducer explains how In July 2020, 61% of all available mortgage products were available with interest-only options, compared to 48% in March. 

 

Rachel Springall, finance expert at Moneyfacts.co.uk, said: "Borrowers may well be seeking ways to reduce their monthly expenses, and an interest-only mortgage could do just that, however it is usually required for there to be a credible repayment plan in place which can entail additional monthly costs or outgoings. 

It is crucial then for borrowers to seek out independent financial advice to ensure it is the right option for them. 

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