Can You Clear Your Interest Only Mortgage At The End Of The Term?
Many of the 1.67 million homeowners with an interest-only mortgage could be at risk of losing their homes if they struggle to repay the balance at the end of their mortgage. As many as 1 in 5 mortgages are interest only and with this type of mortgage, you only pay the interest on the mortgage term and then repay the full amount borrowed when it matures. The difficulty for many is identifying the shortfall and addressing the problem.
It's a simple question but one often not easily answered. Are you currently paying an interest-only mortgage but have nothing in place to clear the capital borrowed at the end of the term?
Are you really only paying an expensive “rent”?
Think about it, your mortgage payment will change (increase) with interest rate rises and as long as you can afford it, you can remain in your property. Then the term ends, what now? Start again? At 55, 60, 65 years old? Where do you move too? How do you fund your retirement while paying rent for the rest of your life? Is this “fair” or “reasonable”?
Our clients get expert advice, a detailed understanding of all of their options and the opportunity to avail of mortgage debt relief by being able to sell their property, settle the shortfall and move on.
Is your interest only term running out?
We are helping 100's of clients every year whose interest only mortgage is ending. In fact, we’ve helped a large number of clients whose mortgage term has already expired.
What we can do for you