Interest Only Timebomb
- There are 1.67 million people in the U.K with either a full or part and part interest-only mortgage
- Many borrowers are coming to end of terms with no repayment vehicle in place
- There are number of solutions which if planned early enough could avoid the need to sell the property
It has been widely reported that many homeowners with interest-only mortgages have been burying their heads in the sand about the impending repayment of the money due and do not have a plan to make the repayment.
The F.C.A has warned that there are 1.67 million people in the U.K with either a full interest only mortgage or part & part. This is the equivalent of 17.6% of mortgaged homeowners.
If you have an interest-only mortgage
The first step is to avoid burying your head in the sand. This is an issue that with proper planning and care can be solved in good time.
Our Mortgage Advisers have had special training to help deal with this situation. Many also hold specialist qualifications to advise on lifetime mortgages which can be a safe solution to stay in your home.
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