Whilst interest only mortgages can be attractive (I've even had one myself) they do leave the question of how to repay. If you plan to Remortgage onto a repayment product later then this might not look like an issue but it can be if your circumstances change.

I have seen many client's who faced repossession because they failed to properly plan for repaying this loan, or couldn't afford the monthly instalment when then did obtain a Remortgage.

The keys are:

1. seek proper independent financial advice;

2. if you are struggling speak to the lender;

3. if you are threatened seek legal advice sooner rather than later.