Most Interest Only mortgages were originally taken out on the basis that an investment, such as an Endowment, PEP, ISA or Pension, would grow sufficiently over the term to pay off the capital or a steady increase in property prices would give the borrower the opportunity to downsize at retirement and be mortgage free.
However, the recent recession has brought things to a head for these particular borrowers and with lenders tightening their criteria on Interest Only lending and with some withdrawing from offering Interest Only mortgages altogether many borrowers are now worried that their options are limited.
So what can be done to help those affected? We've seen and advised a fair few and here are a few pointers:
If you’re worried about the ‘Ticking Time Bomb’ of an Interest Only mortgage we’re here to help you consider your options and can be contacted on 01225 430556 or email@example.com.
Andrew Pratt - Rosemount Mortgage Planning, Bath
Member since: 29th January 2013
I'm Andrew Pratt and I run Rosemount Mortgage Planning here in Bath.
Having been a member of Best of Bath for some time you may have seen my name in more than a few of the Testimonials that Rosemount...