Hi all,
Just have a question in regards to interest only loans. As I understood, you are effectively only paying the interest payments, so the loan amount should remain static? The first repayment for my IP has come out and there is a difference between the repayment and interest charged, meaning my loan amount is increasing ($60 odd).
Is this just due to some interest rate charges?
Just have a question in regards to interest only loans. As I understood, you are effectively only paying the interest payments, so the loan amount should remain static? The first repayment for my IP has come out and there is a difference between the repayment and interest charged, meaning my loan amount is increasing ($60 odd).
Is this just due to some interest rate charges?