Midlands Mortgage Trust offers Interest Only Term Loans with repayments based on a schedule that suits you, and covers the interest payments.
Remember, as no part of the payment is reducing the loan principal, you may be entitled to tax deductions on your entire instalment.
We also consider Principal and Interest Loans, please contact us.
Competitive Interest Rates
We offer floating interest rates, subject to market forces.
Flexible Terms
Most loans considered by Midlands Mortgage Trust have terms ranging from 1 – 3 years. Terms can usually be varied to suit client requirements.
Transferring a Loan
We are happy to transfer a mortgage from one property to another, providing the new property can support the level of debt and the borrower can continue to meet the Trust’s servicing requirements.
FAQs
How much can I borrow?
The amount an individual can afford to pay in interest determines the borrowing limit. Generally an individual can borrow an amount sufficient for the interest to be between 20% and 30% of his income.A valuation of your property will also be required to determine the limit to which a loan can be granted against it as a security. For further information on the Trust’s lending guidelines please contact us.
What is the application fee?
A fee of 1% of the sum borrowed is payable to the Trust. There are also legal fees incurred in putting your mortgage in place and your own lawyer’s legal fees.
