Are you on an interest-only mortgage?

Tuesday, 3rd July, 2012

Many lenders have made changes to their interest-only mortgages and their acceptable repayment vehicles. Many lenders now require a higher equity amount within a property if you have an interest-only mortgage, alongside stringent requirements for particular repayment vehicles to be in place. The tough climate that we are currently in has meant that lenders have needed to tighten their criteria and ensure they are lending responsibly.  One area of focus has been the interest only mortgages. There is much debate around the future of interest only mortgages. What is certain now is that if have an interest only mortgage you need to review your repayment strategy to ensure it will repay your mortgage at the end of its term. Existing interest-only borrowers will need to think about the impact of the criteria changes will have on them and their future. There may be limited options available when re-mortgaging or moving house, so it is always best to get advice now to avoid being unable to move forward with your plans in the future. Thankfully here at Complete Mortgages we can offer a full mortgage advice service and can look at all the options available to you and discuss the best solutions for you. There are many things to take into consideration when taking out a mortgage such as general insurance and protection; thankfully we all offer a full service in insurance so why not contact us today?  Our head office is in Guildford, Surrey plus we also have staff based in Bristol and London. Your home may be repossessed if you do not keep up repayments on your mortgages. There will be a fee for arranging a mortgage and the precise amount will depend upon your circumstances. This fee would typically be £299.00, payable upon application.