Equity Release / Lifetime Mortgages
There has recently been 2 programmes about interest only mortgages, listed below, you may find these interesting if you find yourself in this position. The Financial Conduct Authority warns that significant numbers of people who’ve taken out Interest Only Mortgages may be in danger of losing their homes. Nearly one in five mortgage-holders has an interest-only home loan, meaning they would need savings or other funds to pay a final lump sum.
Interest-only mortgage holders are being urged to contact their lenders after a financial regulator review found too many people avoid planning how they intend to clear the underlying debt when the mortgage ends.
If you find yourself in this position please do not despair or ignore the situation, as it won’t go away. If your lender is unable to help or offers you something you are not happy with or you just want a second opinion to see what other options are available to you.
Phone Mark Turney he will be happy to discuss your situation with you. All this will cost you is a telephone call, it might be the best decision you make and the end of your anxiety.
You and Yours Radio 4 Monday 5 February
Money Box Radio 4 Sunday 4 February