Santander Interest Only Mortgage
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The main advantage of Santander’s Interest Only Mortgage is that it offers lower monthly payments during the interest-only period, which can help borrowers manage their finances more easily. This can be particularly helpful for those with irregular income or who need to free up cash for other expenses.
However, there are some downsides to consider. First, borrowers are not reducing the principal amount of the mortgage during the interest-only period, meaning they will need to pay the full amount at the end of the term. This could lead to a large lump sum payment or the need to remortgage.
Second, Santander’s Interest Only Mortgage may be more expensive in the long run. Because the borrower is only paying the interest during the interest-only period, they are not reducing the total amount of interest paid over the life of the mortgage. This means the overall cost of the mortgage could be higher compared to a standard repayment mortgage.
Santander’s Interest Only Mortgage can be a helpful product for those looking to lower their monthly payments, but it’s important to carefully consider the pros and cons before making a decision. By understanding the criteria for qualification, the benefits and drawbacks of the product, and the need for a repayment strategy, borrowers can make an informed choice about whether Santander’s Interest Only Mortgage is right for them.