Check eligibility for a mortgage
The UK's largest fee-free broker
No need for a credit check
Support through the whole process
A short term mortgage is a great idea – if you can afford it. You’ll pay a lot less interest and will be able to become mortgage-free quicker. The main disadvantage is that the monthly repayments will be a lot higher.
Realistically, you’ll only be able to afford the repayments on a short term mortgage with a small loan-to-value ratio. Many of those opting for short term deals will have either saved a huge deposit or are selling a home they’ve built a lot of equity in.
Most mortgage lenders have a minimum term (usually between three and five years) and a minimum borrowing amount on their traditional mortgage products. If these terms aren’t suitable, explore lenders that specialise in short term deals.
As with any mortgage product, the lender’s biggest priority is that you can comfortably afford the monthly repayments. You may want to use a professional mortgage advisor to find the most suitable deal for your needs. These individuals have specialist knowledge of the mortgage market and will be able to point you towards the most affordable deals that suit your circumstances.
If you can’t find a suitable short term mortgage, consider these alternatives:
Response | |
---|---|
Both equally | 32.85% |
Wait until you can put down a bigger deposit | 23.84% |
Not sure | 21.9% |
Get on the property ladder (with a lower deposit) | 21.41% |
Learn everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.
Read our in-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.
We explain how probate loans can be a valuable tool for dealing with financial issues that can come up when dealing with someone’s estate.
In-depth guide to bridging loans if you have had credit problems in the past, including what lenders are willing to overlook and which are the most important factors.
In-depth guide to closed and open bridging loans, including what they are useful for, the differences in cost and the application process, and the pros and cons of each.
Complete guide to buying at auction with a mortgage. Find out which types of properties could be unmortgageable and how to get your finances in place before the auction.
In-depth guide to regulated bridging loans versus unregulated ones and their pros and cons. When is a bridging loan regulated and how does this affect your application?
How to buy a repossessed property and what the risks and benefits are. Plus, where to look for properties, buying at auction and issues to look out for.
The complete guide to property auctions, including how the process works and the checks to make on the properties you want to bid on.