Interest Only mortgage for property abroad

[ICM]

Hi

I would like to buy a property in Bulgaria for 121K, this property should be completed by Feb 08. The payment plan is that I pay 48400 now, 24200 in March 07 and 48400 in Feb 08. I could use up my savings or get an interest only mortgage. Is it better to get an interest only mortgage and keep saving so that the interest on my savings can offset the cost of the interest only mortgage?

Has anyone done this or have any advice?

Thanks

 

[ClubMan]

This is a Property Investment and not a Mortgages and Home Buying query.

Have you read this thread?

Interest only mortgage