What is a interest only mortgage?
Question asked by: mrquestion
Asked on: 05 Jan 2010
An interest only mortgage is actually quite a good description of what this product is.
Essentially with an interest only mortgage you don't pay off the mortgage but rather just pay off the interest each month.
This means that during the course of the mortgage for a long time the payments are less than with other mortgage types but you have to save the entire lump sum of the mortgage to pay off at the end!
By: knowitall
Replied at: 05 Jan 2010
Rate Answer
Comment or provide your answer to this question
No comments have been added to this question "What is a interest only mortgage?".
No comments have been added to this question "What is a interest only mortgage?".
Ask a New Question
Find out more about Money
Find out more about Money
Money Questions and Answers
miscellaneous money Questions and Answers
Next question: What is a guarantor mortgage and is it a good idea?
Become a Member! It's Free >>>
Share on Facebook: 
On Twitter:
Tweet this!
Question Keywords
mortgage interest
More Questions:I Didn't Get A Credit Card Bill In The Post But Got Charged Interest What Can I Do?
What Is A Buy To Let Mortgage?
What Is A Repayment Mortgage?
Are Credit Cards Better Than Using Cash?
Why Are Interest Rates So High On Credit Cards?