Interest only - what are your views?

[NKF]

Is it a total disaster (unless you expect to inherit sufficient to pay off loan)? I know many people who've done it and while I admire their courage (and often the places they get to buy), I'm not sure.

annie have you asked to change the term of your mortgage? We got down to 20 years and spread it to over 30 years and Nationwide basically said we can charge the term whenever we want. We've done it as a short term thing to reduce our monthly payments and building up our overpayment reserve - so until we spend the overpayment reserve we are not actually paying any more ineterest.

annie have a look at A&L
also Royal Bank of Scotland

I would also check out Nationwide they are very good and still a BS

oh wow! remember building societies?!

they rocked

We're with Cheshire Building Society and have a 25 year fixed rate at 5.6%. Suits me as I like stability!

Meant to say, it has also enabled me to be a SAHM as we know that interest rates rises are never going to affect us.