Yes, it really is true that there are some lenders that can allow you to extend your interest only period to even up to 15 years, although most banks would only allow you to pay interest only for 5 years (like you experienced) on interest only loans.
By applying with the right lender, you can:
- Fix an interest only period on your mortgage for up to 15 years.
- Switch back to making principal and interest repayments at any time.
- Make extra repayments with no limitations.
- Great professional package discounts are available.
Cheers,
Otto