Interest-only mortgage searches soar

With a growing number of borrowers seeking new ways to lower their monthly expenditure, it was revealed¹ that the number of searches relating to interest-only mortgages had skyrocketed by 53%. Interest spikes in interest-only Indeed, the research showed that ‘interest-only mortgages’ had become the most common mortgage-related search term, attracting more interest than other staples like ‘buy-to-let’ and ‘fixed-term.’ Analysts suggested that the jump could be linked to the Mortgage Charter launched in June to support homeowners. This means that many borrowers now have the choice to swap to an interest-only mortgage for up to six months, if needed. It is important to remember that help is available if you are struggling to keep up with repayments. ¹L&G, 2023 It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.