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@Dammit
Not sure I understand the interest only issue here.
Lets use my parents place as an example:
Dr Dammit purchases house in 1982 for £22,000
House is paid off in ~20 or so years.
Title to the house now belongs to Dr Dammit.
Now, if he had an interest only mortgage then at the end of the period he would have to return the £22,000, which he could do by selling the property, and as long as the property is worth more than £22,000 he's ok?