Of course, there are some downsides:
● If house prices fall, it may mean the mortgage amount is more than the property is worth
● You’ll end up paying out more in the long-run, as interest is calculated on the full value of your home, whereas repayment mortgage interest is only a percentage of the amount remaining
● Interest only mortgages can be more difficult to find, as not every mortgage lender offers them
Whatever you decide to do, make sure you seek independent advice, take your time before making a choice and make sure you research to find the best possible deal, whether you opt for an interest only or repayment mortgage.