It has been dubbed the ‘Interest Only Time Bomb’ by the press in recent weeks, with many column inches and online reports dedicated to painting a bleak picture in which as many as 1.7 million people have no means of repaying their mortgage debt.
The reports also suggest that over 400,000 of those householders are yet to consider how to pay back the capital – a situation that could ultimately necessitate the need to sell the property or lead to repossession.
However, those on Interest Only deals should be aware that there is simple remedial action that could help alleviate many of the concerns raised in these reports.
It should be remembered that whilst your mortgage may be interest only, by re-mortgaging to a better rate, and/or by converting part or all of the loan to repayment, your payments may not change dramatically.
Seeking the right independent advice, based on an understanding of all available loan deals across the industry, could prove the perfect solution to future worries.
With over 22 years experience based at the heart of Teddington, we’d be happy to help you find the right deal for you.
To speak Steve Padgham about your property finance or mortgage requirements, please call him on 020 8614 4782, or e-mail firstname.lastname@example.org.