Interest Only Mortgage First Time Buyer . Can firsttime buyers secure a zerodeposit mortgage? UK Mortgage Centre After a few years, I saved up $30,000 and I was earning compound interest on it with an interest-only mortgage, your monthly payments are much cheaper so you put the extra cash into a bank account with a good interest rate
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I re-mortgaged and paid off $30,000 so I had good equity. Interest-only mortgages were once a popular and affordable way to get on the property ladder while keeping monthly repayments low
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