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With an interest only mortgage, you only pay the interest charged on the money you’ve borrowed, and at the end of an agreed term, you pay the balance with a lump sum.

While this may seem cheaper on a month-by-month basis, you’ll need a way to pay your mortgage at the end of the term. There are a number of ways you can do this, such as saving in an ISA, deposit account or other type of savings plan including the PMAS Regular Savings plan. You need to make sure you save enough each month to be able to pay the balance at the end of the term.

You can find more details of the PMAS Regular Savings Plan here. 

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

With a repayment mortgage you borrow a sum for an agreed term. Your monthly payments pay both your interest and some of the capital borrowed.

While this may mean bigger monthly payments, it also means the loan is guaranteed to be repaid after the agreed term as long as you keep up with your payments.

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

With any type of mortgage you should consider whether you need life insurance cover to ensure the mortgage can be paid back if you die. Life cover isn’t automatically included with your mortgage, so you can shop around to find the cover which best suits your needs.

Police Mutual offers a competitive Mortgage Protection Plan which may be suitable for you.

Mortgages on offer are continually changing – as are your needs. The mortgage you took out in the past might not be the most suitable any more, and moving your mortgage could save you money in the long term.

It’s important that you weigh up the benefits and costs of different mortgages. You don’t have to change the term or repayment method if you don’t want to. Moving your mortgage may mean your current mortgage supplier applies early repayment charges to allow you to do this.

Police Mutual receive a fee of £200 per completion and £50 each time a member agrees new terms at the end of their present deal.

Initial set up fees may apply. Early repayment charges will apply for the term of any fixed period.

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