14:41 PM, 26th February 2019, About 2 years ago 4
It has recently been reported that according to the Financial Conduct Authority (FCA), there are 1.67 million homeowners in the UK on some form of interest-only mortgage. That accounts for over 17% of all borrowers.
Subsequently, many of these borrowers are at risk of not having enough money to pay off their loans when they mature. The consequences of this are that they might be forced to downsize or even worse they could face repossession proceedings.
It is quite evident that these borrowers are now facing the serious consequences of the excessive spending that took place in the years leading up to the financial crisis of 2008. Due to rising property prices, banks were lending more and subsequently a lot of households obtained interest-only mortgages as they were option the cheapest option.
However, what has become evident over the years is that many households were unaware they needed to save up to pay off the capital when their interest-only mortgage matured. Subsequently, as a result of this, they now face the prospect of a having to endure a mortgage nightmare.
What should I do?
We, at GDP Equity Experts, would advise that if you have an interest-only loan then it is imperative that you switch to a repayment mortgage where possible, or extend the mortgage term. The time to contact your lender is now. Please do not wait any longer.
By acting immediately, this will enable you to plan ahead for the future safe in the knowledge that you will not face losing your home. This is not an attempt to scare you but rather an attempt set the wheels in motion in order to prevent this nightmare from occurring.
ASK FOR HELP – Try not to wait any longer, if you have a financial issue, or are concerned about any of the matters mentioned in this piece, simply ask for help now.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues and in particular property debt related issues. We would be very concerned at this point as we have met many people right across the UK and Ireland, who have let this problem worsen by simply ignoring it for too long. Therefore, our aim is to educate individuals, households and businesses into acting immediately with regards to any property debt related matter and to take advice in this regard from a regulated team of debt advisors to plan for the future.
GDP Equity Experts take pride in our first-class advice and assistance that we offer to our clients. We will work closely with you from the very start of the process as we know what is expected and how to get you to where you want to go.
It is quite simple; we want to hear from you today because we want to help so please compete the contact form below.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.