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.
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As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments