Homeowners Using Their Properties To Pay Off Tens Of Thousands In Outstanding Debts
Homeowners are using their properties to pay off tens of thousands of pounds in outstanding debts on interest-only mortgage deals.
It’s estimated that around 600,000 people have interest-only mortgages that will mature by 2020.
Overview
The products were widely available before the financial crisis and meant borrowers only had to repay interest – rather than the underlying loan – until the end of the term.
But many people didn’t have reliable plans for repaying lump sums at the end.
Some people have found it difficult to switch to capital repayment mortgages if the loan runs into #retirement, amid stringent age rules from lenders.
Source: Express
If you have Negative Equity in your property, you will not be able to use Equity Release as an option to pay off any outstanding debts and if you have an interest-only mortgage that is maturing with no repayment plan in place, you could find yourself in serious problems come maturity.
If this is the case with you, give our property debt experts a call today for a FREE consultation. We are FCA and CARB regulated and have the HIGHEST SUCCESS RATE at writing off more debt in the industry.
