http://www.telegraph.co.uk/finance/personalfinance/8453472/Bank-ends-interest-only-mortgages-without-documentary-evidence.html
“Interest-only loans aren't inherently bad. What about first-time buyers who don't have a repayment vehicle but are due an inheritance? Or someone with a modest income but sizeable and regular bonuses which can comfortably be used to clear the capital?
“‘One size fits all’ does not work when it comes to mortgages. For some borrowers, not all, interest only is the right choice.”
SS says - Has she lost her mind? Why dont you advise them to live within their means? Why buy something you just cant afford?
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