How will you repay your mortgage at the end of its term?
Properties that were purchased with finance from an interest only mortgage require the full capital amount of the mortgage to be repaid at the end of the mortgage term.
Thousands of homeowners currently find themselves in the positive where they have no repayment vehicle or savings to discharge their mortgage at the end of its term.
Mortgage lenders are not required to automatically extend the term of your mortgage if you do not have the means to repay the capital amount at the end of the term.
Many home owners in this situation had planned to sell their property at the end of its term and benefit from the surplus equity in the property allowing them to purchase a another property and/or retire.
Unfortunately for many this is now longer possible as property markets have failed to perform as expected in the last 10 years and create an anticipated future investment.
We can help access your options and mediate a solution with your mortgage provider. This may include securing an extension of your mortgage term.
This is not brokering of a new mortgage, any extension of your existing mortgage will require an affordability assessment by your lender.
