For many of us who took out a Mortgage in the 90’s the end of the term is coming. For some, this is a cause for celebration as they will pay their final mortgage payment but for others who took out an interest only mortgage, it can be a worrying time.
If you have an Interest Only mortgage, your monthly payments have simply been paying the interest but have not reduced your loan balance (unless you have been making overpayments to purposely reduce the balance of your mortgage). This means that at the end of your agreed mortgage term, you need to repay your loan in full. Hopefully you have a plan in place but if not the sooner you act the better.
Fortunately there are options available but of course the longer you leave it and the older you get so the options reduce. At Mortgage Required we are experts in both Standard Residential Mortgages and Equity Release.
There are now also “hybrid” deals for those applicants who find themselves too old for a standard mortgage and too young for Equity Release. This means we can discuss the whole market and find the best product for your individual needs.
For a free appointment just click here or give the team a call 01628 507477.
Download our Free First Time Buyers Guide
Recent posts
Best UK Mortgage Rates this Week
Yesterday
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Young borrowers concerned about credit score
2 days ago
Almost half of young adults are worried about their credit history stopping them from renting or buying a property, according to data from Loqbox
How to add value to your property this summer
13 days ago
Different seasons can have a noticeable effect on property prices.
Research from Zoopla shows that spending out on certain features can fetch up to £29,000 during the summer months.
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Signs it's time to remortgage
22 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
More information
Trusted by
