Interest only mortgage or take out a loan?

[NeedMoreSun]

What's best for a year? While we release some equity by selling/downsizing the house.

(We would lose £3k in ERP on switching mortgages.)

I would get this moved to Property/DIY. Either tag @mnhq and ask, or report your own post, click “other” and ask in the comments.

Loan. Repaying interest only is OK until a crisis and you find you can't repay the capital.