• An Isa:
Isa stands for individual savings account and this is a type
of tax-free investment. It's generally considered to be the
best repayment option.
Whatever repayment vehicle you go for, it involves making
a substantial, long-term financial commitment.
that's why it's essential to discuss your options with an
independent financial adviser who specialises in investment
before making your choice.
A word of warning
Opting for an interest-only mortgage involves accepting a
significant degree of risk.
If your repayment vehicle doesn't perform well, you could
be left without enough cash to clear your debt.
If worrying about this will keep you awake at night, choose
a repayment mortgage instead.
And another thing
The majority of mortgage providers no longer ask for proof
that you have set up a suitable savings or investment plan
before agreeing to an interest-only mortgage.
But don't let this tempt you into going without
one if you don't have enough money put aside when the time
comes to repay your lender, you could lose your home.
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