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Many people opt for an interest only mortgage for one simple reason - it's the cheapest option. You can't blame people for choosing the 'lowest' cost option, can you? [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] So how does an interest only mortgage work (I've had many clients call it an interest free mortgage - if only!), as against the other option of a capital repayment loan? With an interest only mortgage, you only pay back the interest on the mortgage every [url=http://www.piktor.fr/abercrombie-france/]abercrombie france[/url] month. So, for example, on a £150,000 mortgage you would cut annual payments by around £3,000 as opposed to the repayment option. But of course this means that you are not paying off any of your debt - the capital. And at the end of the loan [url=http://www.davidhabchy.com]barbour sale[/url] term you would still owe £150,000. If you want to repay capital from day one of your loan, then you need to take out a repayment mortgage. This spreads the interest and repayment into one monthly payment, typically over 25 years. This then guarantees to pay off your debt. So, lets look at costs. For a £150k loan at say 6% over 25 years, the difference per month would be circa £222. So you could say that over the 25 years you have saved £66,000 - but at this point you have to pay back the lender the £150,000. It is also true to say that [url=http://www.piktor.fr/moncler/]moncler[/url] over the term of the loan, the interest [url=http://www.renaissancedestoiles.fr]louboutin[/url] only route will mean you will actually pay more in interest. Why? Well, if [url=http://www.chu-forex.fr/airjordan.php]nike air jordan pas cher[/url] you do not pay back any of the £150,000 capital debt, the lender [url=http://www.renaissancedestoiles.fr]louboutin pas cher[/url] will charge you interest on the entire loan for the entire term. Whereas with a repayment mortgage, you are trying to get rid of your debt from day one and you will therefore gradually chip away at it until it's all gone - meaning the debt gets smaller which affects the amount of interest you pay overall. On this [url=http://www.piktor.fr/louboutn/]louboutin[/url] sort of example, the interest [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] saved would be around the £80,000 mark. So, ideally, we should all have a repayment mortgage. Clearly, [url=http://www.piktor.fr/hollister/]hollister[/url] using the interest only route when [url=http://www.lcdmo.fr/hollister.php]hollister[/url] you are struggling to cover costs as a new [url=http://www.cod-esports.fr]abercrombie france[/url] buyer is perfectly valid. It is also worth mentioning that the following reasons could be part of an overall strategy that a doctor/dentist can use: [url=http://www.mquin.com/pjsdoudoune.php]doudoune parajumpers[/url] - maturing policies/pensions - pay [url=http://www.1855sacramento.it/woolrich.php]woolrich outlet[/url] more later re promotion/private practice building - using offset accounts and "parking" tax monies/spare cash - downsize - sell "buy to lets" in future - inheritance All of these are perfectly valid, but do not put your head in the sand, plan, and plan well. The Financial Tips [url=http://www.tesangay.com/barbour.php]barbour deutschland[/url] Bottom Line: As you can see, the interest only route has its merits, however the negatives outweigh the positives. If you have recently purchased a property with an interest only loan, make a point of reviewing it (perhaps when your deal comes to an end) and switch to a repayment mortgage when the timing is right.
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