Advice On Interest Only Mortgage

lesleybruck

Hi Hope Someone Can Help, Saw A Advicer Yesterday And Adviced Use To Have A Interest Only Mortgage And Put The Rest We Would Be Paying Into A Isa, Our Mortgage Is Coming To The End Of Its Fixed Rate In June, We Are Both Self Employed And Would Like To Move Next Year, We Are Currently On A Repayment And Owe Around 90,000 House Worth Around 230,000.
He Said As Long As We Put The Money In An Isa It Will Cover The Amount We Need To Pay At The End, We Have 20 Years Left On Current Mortgage, Any Advice Would Be Great.
Lesley

scottchristie

What advice are you actually after?
An interest only mortgage and an ISA is what I have. Having an ISA allows you to see exactly how much it is worth as you get an annual statement, it is easy to change the amount you contribute and you benefit from the growth in the financial markets (although they do go up and down, they will definitely increase over the long term)
If you want to keep it simpler stick with a repayment (although the mortgage itself will cost a fair bit more)