ASK270: How do you repay an interest-only mortgage? PLUS: Is a periodic or fixed-term contract better?
The Property Podcast
Rob Bence & Rob Dix
4.8 • 2K Ratings
🗓️ 2 February 2021
⏱️ 10 minutes
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Summary
Transcript
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| 0:00.0 | Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob. |
| 0:05.8 | Welcome to Ask Rob and Rob. Yes, it's Tuesday and that means we are here to answer two of your property questions. |
| 0:14.0 | Answers coming up in just a sec for Martin and Luke, but first a quick reminder of how you can get your own question in. |
| 0:19.2 | Yeah, you can call in on 113-008-O-3.5, that number's been around for a long time now. |
| 0:26.0 | I'm sure you've got it saved. |
| 0:27.0 | And I'm sure you've got this website saved as well. |
| 0:29.4 | Property Hub.net. |
| 0:31.0 | forward slash ask. Either way, it's super easy to get involved, leave a message, |
| 0:36.0 | it's a voicemail on the phone, it's a similar on the computer, |
| 0:39.0 | and if you mess up you can try again, so you've got no excuses. |
| 0:42.0 | And this week we've had two people follow |
| 0:44.2 | that process to a T let's start with Martin. |
| 0:48.0 | Hi guys my name's Martin I'm from. I've recently started listening to the podcast |
| 0:53.3 | and I'm finding it very useful indeed, very educational |
| 0:55.9 | as somebody who's looking to get involved in property |
| 0:58.1 | investment over the next few years. |
| 1:00.0 | So I've just a quick question for you guys |
| 1:01.8 | in relation to interest-only mortgages. So I'm have a quick question for you guys in relation to interest only mortgages. |
| 1:04.1 | So I'm looking at taking out an interest only mortgage to buy my first property and it'll be great because I'll have |
| 1:09.3 | more rental income coming in every month then as opposed to taking out a capital repayment mortgage. |
| 1:14.4 | However, one thing that I'm not too sure about is when it comes to the end of the mortgage term |
| 1:18.8 | and I have to repay the outstanding loan, I'm wondering how well managed to have funds to pay for that. |
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