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Interest-only on the up
The number of searches relating to interest-only mortgages soared by 53% in June, as borrowers sought out ways to lower their monthly expenditure.
More interest in interest-only
Research1 shows that ‘interest-only mortgages’ was the most common search term in August, ahead of other staples like ‘buy-to-let’ and ‘fixed-term’.
The jump is likely to be linked to the government Mortgage Charter launched in that month to support homeowners. As a result, many borrowers now have the choice to swap to an interest-only mortgage for up to six months, if needed.
Here to talk
In turbulent economic conditions, there is lots of help available if you are struggling to keep up with repayments. Get in touch today to see how we can help.
1L&G, 2023
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments
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