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.
For a free initial consultation please feel free to call 08442 643 575, email office@sentryadvice.co.uk or visit one of our high street branches in Eastbourne & East Grinstead.
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of Sentry Advice Limited. All comments are made in good faith, and neither Sentry Advice Limited nor the author will accept liability for them. No advice is given in any posting. Please contact your adviser for more information or advice.
Mortgages to Purchase a Property
Mortgages to purchase a property a fee of £495 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Remortgages
For processing a remortgage a fee of £295 is payable on application – this is fully refundable if we are unable to obtain a mortgage offer.
Rate Switch / Product Transfer
For processing a product transfer/rate switch where you are remaining with your current lender a fee of £145 is payable on application.
Adverse Credit
For applications where there is a history of adverse credit then a total fee of £495 will be charged, of which £245 is payable at the point a personal recommendation is made, whether you decide to proceed or not. The remaining £250 is payable if/when an application is made and is refundable if we are unable to obtain a mortgage offer.
Equity Release Mortgages
A total fee of £990 will be charged, of which £495 is payable at the point an application is made with a provider. The remaining £495 is payable if/when the application completes.
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