woman think about an interest only mortgageIn the eighties until 2009, an interest-only mortgage was a popular option.  Now, however, many of these mortgages are coming to the end of their term and money must be found to pay off the original capital sum borrowed.

So, what should you do if you have an interest-only mortgage?

Firstly, you need to ascertain how much you owe and if you will have enough to pay off the amount borrowed at the end of the loan term. Your options may include investments, savings and pension funds.  It is important to check on how your investments are performing and to ensure that the best available interest rates are being earned on your savings.

Some other possible ways of repaying your mortgage are:

  • Convert to a repayment mortgage
  • Downsize your property
  • Extend your mortgage term
  • Make overpayments on your mortgage
  • Release equity that has built up in your property

There are pros and cons to all these options, but one thing is certain – it is important not to just do nothing!

How Anstee & Co can help you with your mortgage.

Our experienced and well-informed mortgage specialists at Anstee & Co will be happy to discuss in more detail the options available and assist you in deciding the best way forward for you.

We are firm of Independent Financial Advisers (IFA’s). Being independent is important. This means that we will look at all the options that are available to you. This is often referred to as “whole of market” advice. Some mortgage advisers will offer only their own products or work from a limited panel of lenders.

Why not book a review meeting today. A meeting can be arranged at a time a location that is convenient for you. This could be at your home or a weekend. This initial meeting is at our expense and without obligation.

Our head office is located at-call back logo for interest only mortgage

  • Kettering, Northamptonshire

Also, our team of advisers, live and make use of meeting rooms in-

  • Market Harborough, Leicestershire
  • Bedford, Bedfordshire
  • Northampton, Wellingborough and Thrapston  in Northamptonshire

Finally, if you have any view or comment about this article, “Interest-only mortgage. It’s time to act!”, then let us know.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.