Commonly Asked Questions
There are various situations in which an Interest Only Mortgage can be more advantageous for a borrower, as compared to a traditional mortgage. Examples of this are: A borrower who plans to resell their property within a short period of time, or a first time home buyer who wants flexibility in their initial payments.
It is possible to make overpayments on an Interest Only Mortgage. Some people prefer to get Interest Only Mortgages so that they can make principal payments which match their current financial situation, rather than a fixed amount in a traditional mortgage, which may or may not be possible, depending on your situation.