Interest-Only Fixed Rate Loans
An interest-only mortgage lets you decide how you want to spend your money.
Do you anticipate steady income growth in the future and feel it would make more sense to have a lower payment now? Or maybe you would prefer to put funds into remodeling your new home and increasing its long term value. Bank of England offer a SecureCombo home mortgage which frees up your cash, letting you decide how to spend your money.
Flexible payments so you can pay only the interest each month (without any penalties), or pay interest plus principal; as much or as little as you like. Deferred repayment. You have a fixed amount of time (3, 5, 7 or 10 years) before you are required to begin paying back the principal. Then, payments include interest plus a portion of the principal loan amount.
Also, you are not locked into anything!
One of the many benefits that Bank of England offers is that you can refinance your Interest-Only to a Fixed Rate Mortgage at any time without any pre-payment penalties.