Other things to consider

With an interest only mortgage the responsibility to repay the mortgage at the end of the term rests solely with the borrower, but this also gives you the flexibility to repay your loan in a way that suits your circumstances. You can use combinations of investments to provide the sum required or even include other financial provisions such as the proceeds from an inheritance or share options. 

It all depends upon what is appropriate for you - for example it may be that you intend to sell the house at a later date and trade down to a smaller property in which case the proceeds from the sale could be used to repay the loan. 

Please note that if you need advice on investments to repay an interest only mortgage you should seek independent advice.

Will it pay off my mortgage?
All interest only loans involve an element of risk in building up a sum of money to repay the loan or relying on receiving proceeds at a future date. With an interest only loan it is your responsibility to make sure you have enough money set aside to repay the loan in full at the end of its term.

Can I switch from interest only to repayment?       
Yes - many people start off with an interest only mortgage and switch it to a repayment type later. However please remember that this will extend the overall time that it takes to repay the loan and you are likely to incur costs in making the switch.

Never forget
With an interest only loan it is your responsibility to make sure you have enough money to repay the mortgage at the end of the term, otherwise you could lose you home.