I guess I have never fully understood the consequences of an interest only mortgage.
I always believed that if an interest only mortgage was taken out with a 25 year (interest only) term that meant that in 25 years you would have to "start" paying off the capital. I didn't realise that you would be liable for the whole amount immediately the term ends. .
I was so shocked at this that I decided to go back and read your previous posts, as I had remembered you on other threads.
You are experienced, about 9 years at this business, have several properties, no mortgage protection, despite having a partner and children, you have good trackers, and good rental. You've discussed property on many posts, you're a frequent poster.
Please tell me you at least have now purchased life insurance. That you are using up all your rental income to pay down capital, or at the very least are putting it into a high secure interest rate account, (you guys know what I mean) for the day the capital s due.
I also advice you to post on here all your mortgages, terms, and interest rates, and if you don't do that, please go and see a professional to assess your financial situation.
Thank you though for your honesty. I hope there are not many others that acquired interest only mortgages that don't understand how they work.
Never been a fan of them myself, but it was all the rage in that key bubble