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interest only vs. repayment - just about self discipline?
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With a repayment mortgage, you don't have the facility to lower your monthly payment to just the interest. Therein lies the benefit.
repayment mortgages have flexible options too like payment holidays, over/under payments.
So again I don't see the benefit of going IO and paying the same monthly outgoing.
You also assumed the overpayment would be calculated immediately - ehich i pointed out may not be the case.
Either way the OP needs to look at both see whats what and decide. I could have the most flexible mortgage going, which means I see no point in IO but if the current repayment mortgages don't offer the same then I can see why IO may be an option.0
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