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Interest only mortgage

If someone has an interest only mortgage, and there are only 5 years left to repay mortgage, and you do not have the required money, what are the options now to make sure you don't lose your house?

Asked on Aug 3 2011, Home Finance in Wellingborough | Report content

Answers (1)

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  • It rather depends on the size of the loan, the value of the property and the net income of the borrower. If the borrower is young enough with an adequate income, he could possibly remortgage onto a capital repayment mortgage over a longer term. If that is not an option, the borrower could approach his lender and ask for the term of the mortgage to be extended. He should then do everything in his power to overpay on the mortgage to reduce the size of the debt.

    Answered on Aug 18 2011, Report content

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