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By choosing an interest only mortgage you are choosing to not reduce the mortgage debt. All you pay each month is the interest on the loan. This means that you will never repay the original amount borrowed, but it will mean that your mortgage payments will be much lower than a repayment mortgage.

Often an interest only mortgage is used in conjunction with some form of repayment plan, such as an ISA, endowment, pension or sometimes from the eventual sale of the property itself.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE