So why would I want an interest-only mortgage?

Great question. It sounds a little risky because you get nice low payments lulling you into a sense of security, then, boom, you have to pay extra, possibly leaving you scrambling for cash.

But this exact situation really suits some people!

• Maybe you’re short on cash right now but you know your income is on the up and up.
• Maybe you have a stack of cash but you want to keep it for some other fancy investment that will make you more money in future when your payment goes up.
• Maybe you’ve got irregular income, through commissions or bonuses, so you can save up your money over the next few years ready for those bigger payments.