Do you have an interest-only mortgage?

YES: I have one and I can't afford to switch to anything else
34% (179 votes)
YES: I have one but I will soon be switching to a repayment mortgage
5% (25 votes)
NO: I have a capital and interest mortgage
19% (101 votes)
NO: I've already paid off my mortgage
43% (227 votes)
Total votes: 532

Your Comments

Yes, I have one.  I could afford to switch but I will stay with my interest-only mortgage until the redemption penalty period ends when I will repay the capital loan.  In effect, my interest-only mortgage has provided a bridging loan.  I had a house to sell but it needed emptying and tidying up before putting it on the market.  I bought my present home by selling a good few investments and emptying most of my savings accounts.  But, I didn't want to touch my Equity & Cash ISAs as, of course, it would take years to replace them.  My mortgagor accepted that I had a repayment plan in the form of the value of the old house.  3% for, in effect, a cash loan seemed reasonable.  I sold my house surprisingly easily some eight months after I bought my present home.  Housing finance needs to be flexible - long live the Interest-Only Mortgage.