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Interest Only Mortgage
With an interest only mortgage, your monthly payments to the lender only pay the interest charges. The actual mortgage balance - the amount borrowed - does not reduce.
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Advantages
It is fully portable when you move home.
If you know that you will be in receipt of a trust fund or inheritance which could pay back the capital, you need only pay the interest, making these monthly payments your only outgoing expense. Otherwise you would need to
consider
how you will pay off your mortgage at the end of the term.
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Disadvantages
You will always need to have a repayment vehicle to pay off your mortgage and that you are
potentially paying more for your mortgage over the longer term than if you went for a repayment option.
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Quick Application
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