A lender can not force you into paying capital & interest on a mortgage, it is your right to pay interest only as long as you have a repayment vehicle in place to repay the capital at the end. As long as you service the interest portion of the loan there is nothing the lender can do. In fact the lender would prefer interest only, THEY MAKE MORE MONEY.(posted 8469 days ago)Of course, paying interest only might reduce your monthly repayment in the short term but it will cost you a hell of a lot more in the long term. Even if you have an arrangement to pay interest only and the lender has quoted the monthly payment required (check that it is correct)there is nothing the lender can do if you decide to pay a little more than is required, the extra then obviously automatically goes to capital, they are not likely to send the extra back to you.
Rest assured, what ever you pay the the lender takes his bit first (the interest) & you get the left overs, but you should periodically have the account checked making sure the lender is not overcharging.