Quick what would you do question?

Gryfon

We currently have a mortgage with Bank of Scotland and over the past few months we're now paying abut £700 less a month interest. However we're on an interest only mortgage because my husband changed his job to one that paid less so we were waiting for him to get a pay rise. It was very tight last year and we really struggled even just paying interest only, so it's nice now to have a break.

However I want to start paying the capital off, but I'm worried that next year the interest rates will rise again, husband's pay won't go up enough and we'll be back to square one and struggling again!

So do we stay interest only and spend the excess money on finally finishing the house, then start paying capital when we know that his wages will cover capital, interest and living costs. Or do we start paying the capital now whilst we have the money and hope that his payrise will cover everything when the interest rates rise again!

Any thoughts for me please