There are two primary ways to pay back a mortgage loan in the UK: repayment and interest only. Whilst repayment deals suit many consumers, some prefer an interest only option. How do these mortgages work and what are the pros and cons?
What are Interest Only Mortgages?
This kind of mortgage is based on paying back interest. Like a standard repayment deal, the homeowner will make a monthly payment on their loan. But, with an interest only deal, each payment made will solely go towards servicing interest and not on repaying the capital sum that was originally borrowed.
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