With Interest only mortgages you only pay the interest on the mortgage loan amount, therefore you are paying nothing off the capital amount borrowed. For example if you borrowed £100,000 and pay on an interest only mortgage for 5 years, at the end of the five years you will still owe £100,000.

Therefore with interest only mortgages you need some other way of paying off the mortgage.

Many first time buyers often take out this type of mortgage to keep payments down in the early years of their mortgage, but it is unadvisable not to have a repayment plan in place.

Interest only mortgages are often used buy land lords to purchase property to keep cost down, with them relying on increasing house prices to make their capital gains.

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