With house prices being so high these days, some people may find that interest only mortgages are a good option for them, but it does depend on their personal circumstances.

Andy Pratt, the chief operating officer at Alexander Hall, pointed to recent data figures from the Council of Mortgage Lenders (CML) which showed that more and more first-time buyers were going for interest only mortgages, which is OK, but they did not have a plan in place to repay the capital, which of course is not.

Mr Pratt said that interest only mortgages were "not something that a good advisor would recommend", however, for some young professionals who believe their incomes will increase significantly in the future the interest only mortgages could be the answer.

In particular, city workers who have been expected large bonuses over the next few years were starting to opt for interest only mortgages as a means of coping with sky high property prices in the capital.

"It's almost a little bit of a cultural change as well in the way that some people now think," Mr Pratt explained. "Instead of relying upon the lender to control the amount that they pay off on the loan, some feel quite knowledgeable and confident enough to pay the interest and control for themselves how much of the loan they pay off by doing it in lump sums every two or three years."

Such changes in the market place will no doubt continue as long as the mortgage and housing market continues to be so unstable.