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In the UK, there are many Interest only mortgages currently held by existing borrowers. Yet interest only mortgages have had negative press in recent years, mainly due to borrowers being affected by shortfalls on the performance of investments such as endowments.
For these borrowers putting all or part of the mortgage on repayment is a possible solution, many lenders have entered the market with 'part interest only' and 'part repayment' mortgage products.
Apart from this, however, there are often many good reasons to consider taking a residential mortgage on a pure interest only basis. Below are a few scenarios