This week an article appeared in the Financial Reporter regarding Interest Only Mortgage holders.
As interest only mortgages are ending more and more lenders are forcing clients to sell their homes in order to repay the debt.
There is an expectation that from now to 2020 there will be 10,000 borrowers a year faced with either a shortfall on their repayment vehicle or no repayment strategy at all.
Selling up to pay of an interest only mortgage can make financial sense but it is worrying if older homeowners are being forced to sell.
Equity Release mortgages enable people to stay in their homes and not have to downsize.
This is one of the areas that we at Orchard Mortgages are qualified and regulated in, We are happy to give advice to anybody who is concerned that their interest only mortgage is due to end shortly and have either a shortfall that will not be covered by their repayment vehicle or have no other options but to sell and downsize.
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This post was written by Debbie Brown