Well I don't have experience of it but I'm about to draw down my mortgage and am going interest only for the first year. There is a significant difference in the repayments and as at the beginning it's when money is most tight it suits me. I realise you end up paying more interest in the long run but with going interest only the difference over the remaining years is only about €10 per payment, and to me thats worth it to have more breathing space for moving and getting over the initial expenses of moving in.