If you’re currently on an interest only mortgage for your home you will be aware of the benefit of cheaper monthly outgoings, however are you aware of the potential risks you face by not clearing the original debt? And with current mortgage deals you may be able to switch to a repayment mortgage where the monthly costs may be similar.
You may feel that with property prices rising you could sell your home for more than you paid for it to clear the loan and have some equity left over. Some homeowners may have equity left over, but may not have enough equity to purchase a new home close to their friends and family and may need to move to a an area where house prices are more affordable.
Interest only mortgages cost significantly more than a repayment mortgage in the long term as the capital part of the mortgage is not being repaid.
Interest only mortgages cost significantly more than a repayment mortgage in the long term as the capital part of the mortgage is not being repaid. Following the Mortgage Market Review, lenders are rightly more cautious about offering interest only mortgages, requiring you to provide proof of a credible repayment plan before they may offer this option.
Number One Mortgages can assist you in finding the right repayment or interest only mortgage to suit your situation.
We can communicate with you the risks of an interest only mortgage so you can make an informed decision about interest only being the appropriate avenue for you.
We can also investigate repayment options for you which may be more affordable than you might think with interest rates being incredibly low currently.
Here’s how it works. A member of the team will visit you at your home or conduct the meeting via telephone for an initial fact finding discussion. This is a great opportunity to get a snap shot of your situation and your objectives to ensure the most suitable product is obtained for you.
In our second meeting we provide information, advice and our recommendation of the best available mortgage for you in the marketplace, really taking the strain off securing your mortgage and completing the paperwork, giving you confidence through knowledge and support when switching to a repayment mortgage or finding the best interest only mortgage for you. The best bit, no fee is paid until you are happy with our recommendation and wish to proceed.
Call us now on 01273 736536 or use our contact form and discover how our expert advice can help you reach your goal, save you time and £££’s.