If you have been written to by your mortgage lender to inform you that you’re interest only mortgage is coming to an end or worse being recalled – then we can help you remortgage with a new mortgage lender.
Interest only mortgages are a great way of keeping your mortgage payments affordable because you are only repaying the mortgage interest each month. If you never make any additional payments towards the loan amount borrowed then when the interest only mortgage comes to an end, you will still owe the full mortgage loan amount. For example, if you took out a £200,000 interest only mortgage in January of 1999 on a 20 year term and have not made any additional payments towards the loan, other than servicing the interest each month, then the full £200,000 loan will be due to be repaid in January 2019.
Ingard strongly advises that it is essential when taking out an interest only mortgage that you know how you will eventually repay the full mortgage loan. However, we know that not every customer was given this advice when originally taking out the mortgage. Quite often customers come to us with an interest only mortgage that they are unable to repay, commonly due to their current lender refusing to switch their mortgage onto a repayment mortgage as they no longer meet their age requirements.
Our team are whole of market, this means we have access to approximately 250 mortgage lenders, many that you may never have heard of because they only offer their products through approved mortgage brokers. These more specialist lenders have recognised the growing need to offer affordable mortgages to customers who will need to continue repaying their mortgage in retirement.
When a mortgage is no longer an option, our Mortgage Brokers are also qualified to advise on equity release or lifetime mortgages as they are sometimes known, to enable you to fully repay your mortgage and in some cases also provide you with a cash lump sum or monthly income.
For advice on the best way to repay your interest only mortgage, call our whole of market Mortgage Brokers on 01702 538 800 or arrange a call back.
