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Mortgage payment next month - £0
Comments
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IO definately hasn't been a mugs game for the past 25 years for us, as house prices were comparatively low. It was a sticky wicket in the early 80's I think, when interest rate hit 17% at one bit for us.
10 x 0 = 0 with some luck. Unfortunately not, but the rate is still a good one when it reverts to original product.
There must be some more out there that got the same letter.0 -
Absolutely true, and my comment was generalistic.Why do you think IO is a mugs game? I could give you a few good reasons why it's exactly the opposite. ;-)
It depends on the circumstances of the individual.
But the reason most (not all) people select interest only is because they're a bit short when they take the mortgage out and they intend to switch to repayment later on.
Except they never quite get around to it.0
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