Thanks very much for all your replies.

My query is why would you then take an interest only loan when you could take a p & i loan and therefore have at least part of the loan paid off. I am of the understanding (that is my interpretation only!!) as since I wont be able to claim any interest on owning a block of land I am better off getting a P &…[Read more]

I am really grateful for all your replies. I guess I dont really understand the principles of an Interest Only loan. If anyone is willing to provide me with this information I would be very grateful. My current loan is an equity loan.
Thanks very much.