Alex is an executive at a law firm. He got married recently. After his marriage, he felt a need to have his own place. He considered renting but decided against it because he came across a splendid deal. It said that interest only mortgages can help him buy his own house in no time at all.

Before this, Alex had heard a lot about mortgages but had never thought about using one of the facilities. Alex not only had an option of buying a house through interest only mortgage, but also came across a variety of other choices as well, such as self cert mortgages which gave him an option of buying a house without providing the complete and confirmed details of his annual and monthly income and earnings. However, Alex decided not to use that since he already had a fixed salary and could have easily produced documentary evidence.

Similarly there was another option that was worth considering: the self build mortgages. Alex’s research showed that this option provided him with an opportunity to create his own plan of action and then act according to it if it gets approved by the respective financial companies and banks. However, since Alex was too involved with his own work, he decided against self build mortgage as well.

Finally he short listed his options to remortgages and interest only mortgages. The former required a new mortgage which was of no interest to Alex and this he bought a house using the interest only mortgage plan. He’s glad he made that decision.