Interest-only mortgages: They're baaack

  • metta

    Posts: 44772

    Jul 20, 2015 6:44 PM GMT
    Interest-only mortgages: They're baaack
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    Jul 20, 2015 10:40 PM GMT
    I have reason to be grateful for interest-only mortgages - I used one to build my own home 23 years ago. Provided you have a strategy for paying off the capital sum at the end of the term (or switching to a capital & interest mortgage), an interest-only mortgage can be very useful when you are young and cash-strapped.

    In later years, when I was earning good money, I was able to save and eventually pay off my mortgage early.