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  • Interest Only

Interest Only

How does it work?

Your monthly payments represent only the interest due to the lender, and do not include repayment of capital. Your total loan must be repaid at the end of the mortgage term. You therefore need to arrange additional investments which will generate sufficient capital to repay the loan.

ADVANTAGES:

  1. You can choose from a variety of investments, some of which have tax advantages.
  2. Should you move or arrange a remortgage, your investment can usually be reallocated to the new mortgage.
  3. Normally cheaper than repayment mortgages.

DISADVANTAGES:

  1. Unlike a repayment mortgage, the amount of debt outstanding does not reduce over time.
  2. There is no guarantee that the investments chosen will grow sufficiently to repay your loan.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

There may be a fee for mortgage advice. The precise amount will depend on your circumstances but we estimate that it will be £249.

Alan Bell Mortgages is a Credit Broker and not a lender and any fees are charged solely for Credit Broking Services, not lending services.

We do not normally charge for our initial assessment of your needs. At the point where we undertake to make an application for funding on your behalf a fee will become payable towards our costs incurred for the application. This will be advised in advance and is non-refundable. The remainder of our remuneration generally is met by commission paid upon completion of the deal. If this is not the case, or there are additional costs to be met by you, this will be agreed between us in advance.

MORTGAGE ENQUIRY FORM

Your Address

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Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on protection or mortgage products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers to obtain quotes on your behalf, for example where we are providing you with protection or mortgages advice as part of our services, please tick this box.

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From time to time, we would like to contact you with details about our services, products, business updates and events. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you:

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Company address: Alan Bell Mortgages, 58 Flamborough Road, Bridlington, East Riding of Yorkshire, YO15 2JN
T: 01262 213 333 F: 01262 675 680 Email: enquiries@alanbellmortgages.co.uk

Alan Bell Mortgages is a trading style of ICF Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority and registered in England No 9490784

Registered office: 2 Redcliff Road, Melton, HU14 3RS. Tel: 01482 638300 Fax: 01482 638302

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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