Repaying mortgage capital

A couple in their late 70s approached me in a very distressed state. Five years before, their bank had arranged an interest-only mortgage for them. Now, the bank was asking them how they were going to repay the capital in a few months’ time.

When they arranged the mortgage, the bank advisor had said that they could simply extend the arrangement. The bank now said that there had been a policy change, and that they had to repay the capital or risk the bank taking action to sell their home.

They were naturally shocked and very worried.

Fortunately, I was able to raise sufficient funds for them through equity release, so that they could repay the mortgage and clear their credit card debts into the bargain. They are now on a good financial footing, confident that their beneficiaries are well catered for, and they are at last enjoying their retirement with complete peace of mind.

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