5th November 2018
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If you do have an interest-only mortgage hopefully you have worked out a plan to pay off the capital at the end of the mortgage term. These may include:
It is important that you keep track of these investments to ensure that when your mortgage comes to term you have the financial means to pay back the original loan amount. If you have an approved repayment plan in place to pay back the original loan, then your repayment facilities may be enough.
But what can you do if you do not have a plan to pay back the original loan? Firstly, do not panic – there are several options that can be considered.
Always ask your lender about any fees involved when switching or amending your original mortgage product.
Clients with interest-only mortgages could pay off their existing loan by taking out a Lifetime Mortgage, enabling them to stay in the home that they love.
1. You own your home but your interest-only mortgage is coming to an end.
2. You talk to an Equity Release Specialist.
3. They recommend a Lifetime Mortgage to help release some of the cash from your home to repay the original mortgage loan.
4. You choose to pay monthly installments to repay the interest on your new Lifetime Mortgage OR…
5. … you choose to allow the interest to roll-up knowing there is a No Negative Equity Guarantee
Either way you can remain living comfortably in your own home until you or the last remaining person dies or enters long term residential care.
A lifetime mortgage, the most popular form of equity release, is a loan secured against your home.
If you would like to consider taking out a Lifetime mortgage you must be:
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
We will be in touch as soon as possible to arrange a convenient time for a meeting, which is completely free of charge and without obligation.
I'll be in touch as soon as possible. If you'd rather call me in the meantime, please feel free to give me a call on 01489 45 45 45