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When you take out a mortgage, you undertake to pay back the original sum you borrowed known as the capital plus interest.

As the name suggests, with an Interest-only mortgage, the monthly payment includes only this element of the debt.

The upside of this is that the monthly cost is considerably lower than for a comparable repayment mortgage.

The downside is that at the end of the mortgage term you still owe the original amount you borrowed.

And if you can't repay it, your mortgage lender is perfectly entitled to repossess your home.

that's why, if you go for this option, you need to organise a way to repay the capital debt.

Unless you can be certain of a sizeable inheritance or other windfall, this means saving as you go along. There are several ways to do this.

In an interest-only mortgage, your monthly payments cover the cost of the interest, but you do not pay off the capital value of your home. This is a good way of keeping repayment costs down, but may be a gamble in the long run.

At the end of the mortgage term you will be required to pay off any outstanding amount. Usually this will be the amount you borrowed in the first place. If you cannot pay off the remainder, you will be at risk of losing your home.

You may choose to save over the term of the mortgage. This does not have to be arranged through your lender, although they may offer you a number of investment options designed to clear your debt.

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