Startling News on Interest-only Mortgages and end of termMake Text Bigger
By January 2024, approximately 250,000 borrowers will have reached the repayment date for their interest-only mortgage. Most have no plans in place to deal with this problem and will struggle to find a new deal elsewhere, according to research by Kensington Mortgages.
That number equates to about 15% of the 1.7m British borrowers who currently have an interest-only mortgage. Many have no plans or ideas on how to deal with this major issue.
The figures have been calculated by Vector, Kensington’s predictive mortgage analysis technology. Additionally, the research shows that the interest-only mortgage problem is predicted to escalate over the next two decades.
By January 2029, almost 860,000 interest-only mortgages will have reached the end of their term and roughly half of those borrowers, or 430,000 homeowners, are forecast to get to the end of their mortgage term without having found a new deal.
Have you a plan in place to deal with this big problem that is lurking in Britain’s financial system?
It’s important that people start thinking about this issue now, before thousands of homeowners find themselves facing a giant repayment that they cannot afford.
If you are on an interest-only mortgage and are finding it difficult or impossible to deal with your negative equity situation then we are here to help.
We, at GDP Equity Experts, will devise a bespoke plan to assist you and relieve you of the debt burden. Please be assured that you don’t have to go Bankrupt. There is always a deal to be done with your lender. A resolution can be mediated to your benefit.
Our fees to undertake this are reasonable and our experienced specialist advisors are on hand to guide you through these debt issues and resolve your negative equity problem efficiently and promptly.
If your Loan has been sold to a Private Equity Firm then we can help you also.
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.
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