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Interest only is ok as long as you have a plan to pay back the debt at some point. This could be selling the house when you retire and moving to the coast or whatever. Assumes the house is worth something when you retire but if it isn’t you’ll have bigger problems to deal with.
Obvs IO is extending the term but to infinity so would give you the most headroom each month. You might find providers who allow you to repay capital as and when you can.
Your options are largely defined by how much you need the money each month and your plans for retirement.
Howard
With the world going tits up, what can I do to avoid the work house and poor credit ?
Is going on an interest only a good idea? I don't think it is. Should I try and see if the provider would extend the period of the mortgage to reduce the payment? I can't take another holiday. What's the least worst option?