We have a friendly UK-based team that you can contact to discuss your financial worries. As long as his mortgage payments are made in full and on time, he’ll own his home outright at the end of the new term.By discussing his current needs and circumstances, we were able to agree a monthly mortgage payment that Mr X was comfortable with.An alternative would have been to sell his home to repay the mortgage.One way to fund this would be to look for alternative borrowing, such as an unsecured loan.He’d need approximately £212,000 to repay his mortgage at the end of term.This solution, which was tailored to his needs, meant that monthly payments are a figure he’s comfortable with, and he now feels in control of his mortgage. He may pay more for his mortgage, however he’ll own his home outright at the end of the term To increase the term of his mortgage so it’s more affordable. To change from interest only to a repayment mortgage – although this increased his monthly payment, every mortgage payment he makes will reduce the amount he owes He had no way of repaying his total mortgage amount.Īfter discussions over the phone about his circumstances and current budget we recommended a solution that was right for him: Mr X said that although he regularly repays his interest only payments each month he was worried about what would happen when his mortgage came to an end. With no plans in place to pay his interest only mortgage, Mr X contacted one of our interest only specialists to discuss his circumstances and to try and find a solution. We helped Mr X take control of his mortgage and plan to own his home at the end of the term. Not all the solutions suggested in this case study will suit everyone’s circumstances. We have removed their name and personal details to protect their privacy. The case study below is an example of how we have recently helped customers. Any concerns are easier to resolve the earlier you let us know. Call our UK based team and we’ll walk you through the options available to help.
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