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Interest only loans

  • 22-09-2005 8:12am
    #1
    Maccattack
    Closed Accounts Posts: 1,322 ✭✭✭


    A question for people currently paying a mortgage.

    How do you guys fell about interest only mortgages?

    We have a good bit of equity in our current home and are thinking of buying a holiday home abroad.

    The only way we can afford to do it is if we convert our existing mortgage plus the new one to interest only.

    What are the advantages/pitfalls...?

    anyone have any experience with this?


Comments

  • #2
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    I dont know all the ins and out of it but i think the general advice is to NOT do this on your own home. It is ok for an investment property.
    At the end of the mortgage period you still owe the principle and could loose your home if you cant come up with the money. At least you can sell an investment property to pay the bank off.


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