Some companies do offer longer periods but be very careful. You will be locked in for the whole term.
Advantages:
You can budget knowing exactly what you will pay for all the period.
Disadvantages:
You will pay a penalty if you try and make overpayments or if you tried to pay off early so don’t fix for too long.
If interest rates went down you would be paying more than others. As always take good advice over this before making a decision. Ensure it is an educated view rather than adviser comment. You may expect the firm to have an Economics graduate to assist in that view.
For truly independent advice from the FT Adviser, UK Mortgage Broker of the Year for 2005, 2006 and 2007, complete our enquiry form or feel free to call us in confidence on 0845 230 9876.
' Your home may be repossessed if you do not keep up repayments on your mortgage'
'When considering an interest only mortgage you should seek advice on how you will repay the mortgage loan at the end of the term'
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