How to tackle your interest-only mortgage
If that’s you, one day you could be presented with the situation you may have been dreading – the end of your agreement. It’s time to pay the balance, but you can’t.
There aren’t many situations which will cause as much stress or worry throughout your life. Making a property your home takes time, effort and money, and to have the very real proposition of all that being taken away from you is harrowing.
Nonetheless, it’s something you can’t ignore. Of course, you can try to renegotiate a deal with your provider, although for many, that’s not an option.
You could find yourself in this situation for many reasons. Life isn’t always as simple as we’d like it to be. But you’re not by any means the only homeowner going through something like this. An average of more than 80,000 households
a year have faced the end of their interest-only mortgage deals since 2018.
And it’s not only those with an interest-only mortgage who may be concerned either. Retiring with any type of outstanding mortgage can cause a lot of stress. Is your new income flexible enough to cover repayments as well as everything else you need in life? If not, there are options available to you.
could be one of them.