Are you one of the thousands of people who have an interest-only mortgage coming to an end this year?
There are an estimated 81,400 mortgages coming to an end this year (2019). These mortgages total approximately £9.2 billion according to the FCA this figure increase to £9.7 billion in 2020. If your interest-only mortgage does come to an end St Barts Finance covering Dorset Bournemouth & Poole may be able to help you?
Interest-Only mortgages offered a cheaper alternative to borrowers whereas with a repayment mortgage you are clearing interest accrued and the debt with your monthly mortgage payments, interest-only mortgages you would just service the interest payment. Interest-only mortgages require a single capital repayment vehicle to clear the debt at the end of the term this usually comes from a separate investment vehicle.
There were changes to the mortgage market in 2012 and this meant that anyone taking out an interest-only mortgage had to have a viable repayment plan in place. This has led to a decline in the uptake of interest-only residential mortgages.
Don’t Have a Repayment Vehicle for Your Interest-Only Mortgage?
Many people have an interest-only mortgage coming to an end with no repayment vehicle in place. If this is you it is crucial that you review your finances urgently. The team at St Barts offer empathetic honest and reliable advice and we want to help you with the problem you may face.
There are several options available to you but understanding your options is crucial. Working with the team at St Barts we will be able to support you in getting the advice you need and understanding the options available to you.
To book an appointment with one of the team at St Barts Finance Ltd call us on 01202 520 550 or book an appointment online.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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