This is a question more and more people are asking themselves. Many who took advantage of the generous self-certification interest only mortgages offered in the late 1990’s now find their mortgage term is soon to expire but they have not yet saved enough to be able to repay the original amount borrowed. This basically leaves them with 2 options :
- Take another mortgage or loan
- Move to a smaller and cheaper property.
For many due to their age and circumstances they may not be able to obtain or afford another mortgage and equally they may not want to move out of a family home they have grown to love.
Fortunately, there is a third way – Equity Release. This of course raises many questions and things that need to be considered before a customer takes this option. To help and assist customers our Equity Release website contains a comprehensive page called Repay an Interest Only Mortgage, which explains why this could be a good way to repay your mortgage, explains the things you need to know and some of the guarantees you may want to protect you and your family. You can also create and print as many quotes as you wish without giving us any of your personal information.
If you are interested in seeing if Equity Release is a possible way for you to relay your interest only mortgage then click here to visit our website or call us on 020 33 55 4827 where you can speak without obligation to one of our fully qualified Equity Release advisers.