What would you do?

col81

I've posted before it seems I'm approved one valuation sorted for a deal with virgin borrowing £125500 over 29 years on repayment at £530 per month. This has been a simple process, I also applied with Leeds BS before this same amount interest only this was £340 per month I expect now it would be about £370 with recent rises. Leeds were asking for a lot of information babk statements etc and also things verified at the post office etc. 

Which route am I best going down? 

MovingForwards

Repayment as you're guaranteed to pay it off, IO is a risk and needs discipline to ensure you save / overpay it to clear it within the term.

simon_or

col81 said:

I've posted before it seems I'm approved one valuation sorted for a deal with virgin borrowing £125500 over 29 years on repayment at £530 per month. This has been a simple process, I also applied with Leeds BS before this same amount interest only this was £340 per month I expect now it would be about £370 with recent rises. Leeds were asking for a lot of information babk statements etc and also things verified at the post office etc. 

Which route am I best going down? 

If your repayment vehicle is anything other than sale-of-current-residence, ie pension lump-sum, S&S ISA, other property, etc. then I'd go for interest only over repayment.

If the vehicle is sale of the home you're living in, I wouldn't be comfortable with interest only.