Our Customers rate us 4.6 out of 5


Experienced interest only mortgage advisors.

Is interest only right for you? Our team of expert mortgage advisors can help you figure everything out and get started on the road to homeownership.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

Find me a mortgage broker...

Get an instant quote by letting us know what you’re looking for:

How Much Can You Borrow?

Get an instant quote by filling out the following:

Annual Gross Income
You could borrow
For a property worth:
Annual Gross Income
You could borrow
To buy a property worth:
purple bat

When The Bank Says No is working closely with leading providers...

Useful links to begin your Mortgage Journey



Bridging Finance Brokers

When you need to bridge a gap in your finances, we are there to find suitable finance options for you.


Debt consolidation mortgages

Bad Credit Mortgages

When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.

Debt consolidation mortgages


Need help navigating buy-to-let mortgages? With our help we’ll make it easier than you think, even if you have bad credit.


Debt consolidation mortgages


Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.

What is an interest only mortgage?

An interest only mortgage is when you only pay the interest charges on your loan each month, not any of the original money. As a result, your payments are lower than they would be on a standard repayment mortgage. However, at the end of the mortgage term, you’ll still owe the whole sum of money borrowed and will need to fully repay it. The money from this can come from a range of sources, including savings, investments, getting a new mortgage, and selling your house.

If you think an interest only mortgage might be right for you and want to get your head around all the implications, talk to our friendly team today! We’ll be more than happy to provide guidance on all aspects of the mortgage process.

bad credit mortgages

Finding The Best Interest Only Mortgage Deal For Your Circumstances

An interest only mortgage allows you to pay only the mortgage interest charges each month and none of the capital, providing a low cost option for those looking to purchase or remortgage a property. Our specialist interest only advisors can help you evaluate the options and figure out if interest only is the right way forwards for you. At the end of the term, the full loan amount will still need to be repaid, so understanding these full financial implications is critical – and something our friendly advisors can help with. Whatever your credit history, whatever size deposit you have, we’re here to help keep you informed and fully explore all the options.

green monster

Let's get the ball rolling.

We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

blue monster

Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

Keeping things affordable.

You might be scared interest only is too good to be true, and of course, repaying the loan in full at the end of the term can fill many applicants with apprehension. When the Bank Says No is here to help you understand the implications an interest only mortgage will have on your future, as well as its potential benefits. We’ll get to know your credit history and personal circumstances and help you figure out what kind of mortgage suits you best. Reassuring, guiding, supporting, and advising – our friendly team are here to help you find the best way forwards.

Why do people choose an interest only mortgage?

An interest only mortgage definitely isn’t for everyone, but there are certain advantages. Firstly, your mortgage payments each month will be lower, putting less of a strain on your finances and leaving you with more disposable income. It can therefore help those who cannot afford a standard repayment mortgage to get on the property ladder, providing easier access to the market. Most deals don’t stop you from making equity payments, but these can be done on your schedule. Finally, lower mortgage repayments can allow you to focus your attention on other investments, which may help pay for the mortgage at the end of the term.

Turning Your Nightmares Into Dreams

turquoise underline

When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How much will I be able to borrow on an interest only mortgage?

The amount you can borrow on an interest only mortgage is worked out in a similar way to a standard repayment mortgage using income multiples. In the UK, the average income multiple used by lender’s is 4.5x, but some lenders will use higher ones. On an interest only basis, most lenders will stipulate a maximum loan to value ratio of 75%. This means you’ll have to put down a 25% deposit, which may impact the value of property you can purchase. You can borrow more than 75%, but the additional amount will be borrowed on a capital repayment basis, rather than interest only.

Will I need a repayment plan when I apply for an interest only mortgage?

At the end of your mortgage term, the entirety of original amount borrowed will need to be repaid. Consequently, it’s vital you have a repayment plan for the end of your mortgage. There are various options to consider, and the right decision for you will depend upon a range of different factors. Common repayment plans include:

  • Lump sum from pensions.
  • Investment returns.
  • Remortgaging.
  • Selling property (hopefully at a profit!)
  • Savings.

If you’re considering an interest only loan and want to discuss your repayment strategies, our team of friendly advisors are here to help. We’ll explore your options in more detail and match you up with a lender that suits your plans.

Frequently Asked Questions

What is a part and part mortgage?

A part and part mortgage is a mortgage that combines capital repayment and interest only; it is essentially a middle ground between the two. A mortgage of this kind allows you to pay off some of your mortgage over time, but not all of it. This can be a good route for those with high performing investments who can use returns to make interest only payments. It is also common for those who have a repayment strategy for a certain amount, but want to borrow more. The sum covered by the repayment plan would be interest only, whilst the remainder would require capital repayments.

Is the hybrid approach right for you? Talk to our team today and we can start putting your plans into action!

Interest only mortgages tend to come with strict eligibility criteria. You must be able to prove that you have a plan for repaying the debt at the end of the term. You will also have to meet specific lending criteria, raise the required reposit, and have a large enough income to comfortably meet the monthly payments. In fact, some lenders will even specify a minimum income requirement which you must meet for them to consider you for interest only. However, not all lenders work in the same way, and interest only may still be possible even if you don’t fit into one lender’s vision of the ideal borrower. Get in touch with When the Bank Says No and we’ll outline all the options available to you with regards to your future plans and current circumstances.

It does depends on the severity of your bad credit, but most of the time an adverse financial history doesn’t have to be the end of your ambitions to own a property. Bad credit will inevitably impact the number of lenders and mortgage deals that you are eligible for, and certain lending policies may consign you to being automatically ineligible. To figure out the way forward, the best thing to do is get your credit report ready and contact a bad credit mortgage specialist. Our team of advisors will discuss all the complexities of your situation and identify suitable lenders.

Those who are retired but want to take out an interest only mortgage should consider approaching specialist retirement interest only lenders. This is because most standard interest only deals require repayment before retirement. Retirement interest only mortgages have a term that lasts until the end of the applicants life, and offer a lower cost alternative to equity release mortgages. The outstanding loan is then repaid by selling the property.

Professional interest only mortgage guidance.

If you’re interested in interest only mortgages, our trusted team of mortgage advisors are here to explain all the ins and outs. We’ve helped many clients navigate the strict interest only eligibility criteria, and fully assess the implications of this type of mortgage before making any moves. Whatever your future plans, we’re here to make them happen, and make sure you are matched up with a mortgage loan that works for you.

debt consolidation mortgages

What Our customers say about us

Our Customers rank us 4.6 out of 5


Get In Touch With A Mortgage Specialist Today