Interest-only Mortgages - The Ticking Time Bomb
TYPICAL PROBLEMS AND CONCERNS OF PEOPLE WITH INTEREST ONLY MORTGAGES
** Did you set up your mortgage with a separate investment product that has failed ???
** Did you intend to switch to a repayment basis after a couple of years but never got round to it ???
** Has money always been too tight to start repaying the mortgage ???
** Or were you just badly advised to take out an interest only mortgage ???
Whatever the reason, the result is the same..........
IF YOU DON'T HAVE THE MEANS TO REPAY YOUR MORTGAGE WHEN THE TIME COMES YOU WILL LOSE YOUR HOME !!!
HOW STRICTLY MORTGAGES CAN HELP
We have access to a variety of possible solutions depending on your age and your circumstances.
We will carry out an in-depth analysis of your finances and guide you towards a long-term solution.
This may include:
- some form of remortgage to a new lender
- negotiating with your existing lender
- referring you to a claims service if you were badly advised
- extending the term of your mortgage
- finding you a cheaper mortgage
- referring you to a specialist to advise you on a lifetime mortgage
We will recommend whatever solution is best for you to save you losing your house and help you implement that solution so far as possible within our regulatory permissions.
THINGS YOU CAN DO TO HELP
- give us as much detail as you can about your circumstances
- DON'T DELAY - speak to us as early as possible because this will make it easier to find a solution
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
We do not provide specific advice on lifetime mortgages (i.e. equity release). If we believe this may be your most appropriate course of action we will refer you to a colleague who specialises in that area.
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