Dont think so. Interest only is just a cheaper form of rent isnt it? As in you only pay the interest off, not the actual outstanding balance. I think these where introduced so that people could actually get on the property ladder.
Dont personnelly like the idea, as at the end of the 25 years it still isnt yours, just the increase in value of your house.
But I think I ended up on one once we split the morgage ( they didnt take your name off as i remember- it was effectively a whole new one - little bastards pulled a fast one )
moral of the storey - read the fine print. and always shoot IFA's as they come up the path
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Re: MOVE TO BOLTON, DANG YOU!!!
Date: 2004-03-18 04:01 am (UTC)I think these where introduced so that people could actually get on the property ladder.
Dont personnelly like the idea, as at the end of the 25 years it still isnt yours, just the increase in value of your house.
But I think I ended up on one once we split the morgage ( they didnt take your name off as i remember- it was effectively a whole new one - little bastards pulled a fast one )
moral of the storey - read the fine print. and always shoot IFA's as they come up the path