How do you intend to pay off the debt?We have just re-mortgaged with Natwest on a 30 year interest only mortgage at 3.1% floating rate.
If you sit down and do the math it soon becomes apparent that debt becomes very affordable compared to a repayment mortgage.
I work on the basis that if inflation averages 2% over the next 30 years then my principal sum will be devalued to 55% of its original amount in real terms, so why pay it back?