If, like many NI homeowners, you took out an interest only mortgage between 2004 and 2008 you may well find yourself in negative equity with no plan in place to repay the capital.
Are you merely only paying an expensive “rent”?
Think about it, your mortgage payment will change (increase) with interest rate rises and if you can afford it, you can remain in your property. When the term ends, what then? Start again? At 55, 60, 65 years old? Where do you move too? How do you fund your retirement while paying rent for the rest of your life? Is this “fair” or “reasonable”?
Is your interest only term running out?
We are helping 100s of clients every year whose interest only mortgage is ending. In fact, we’ve helped many clients whose mortgage term has already expired.