What does Interest only mean?

When you make the monthly payment it is made up of  2 elements. The  interest on the money that you have borrowed and an amount of the capital so that the balance reduces.
If you opt to pay only the Interest, then the monthly payments will be lower as the amount to reduce the capita is not paid. This does mean that the balance that you owe will not decrease. You would either need to have an acceptable investment plan  to cover the capital amount, sell the property at some point which would require the value to be at least equal to the amount that you owe or switch to making a capital repayment basis during the mortgage term at an increased cost.

Whilst it may seem complicated, with the right advice property purchase can be straight forward. Shared Ownership and Key Worker schemes offer a suitable route for many people to get On the Ladder that thought property ownership was beyond them.