AIBU to think interest only mortgage are a bad idea

[Lloyd45]

What happens when you come to the end of your term to pay the outstanding amount and you don't have it? Are we going to have a lot of OAP's homeless?

It depends.

We have one for 200K on a house worth a million. We pay 250 quid a month.

We have 18 years to run. We will ( sadly ) have inherited large amounts of money by then.

Ours is a little bit less and worth a bit more as we bought 20+ years ago.

The repayments have allowed us to put 2 dc through private school and allowed me to start a business, that would if I chose, to pay off a huge chunk of the mortgage if not all of it. But what we have is small for us but moving just a little bit further out would buy us for cash a bigger property. Problem we have is we have a number of cars and a big van and need a big driveway otherwise I think we would be annoying the neighbours parking vehicles infront of their homes.

For those that think interest only means it allows you to buy a house you wouldn't normally afford.You are still subject to the multiples mortgage companies allow.
Our own house was a weirdly layed out 1 bedroom, 1 box room, 1 bathroom bungalow that needed a load of work. Hardly a huge fancy detached.
It was the only thing for sale at the time