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)
-
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
Didn't find what you were looking for? Ask a question
More Home Finance in Wellingborough questions on AskMe
-
Who owns 47 Balmoral Road, Northampton?
Asked on Nov 29 2011, Home Finance in Northampton
1 answer - Answer this question -
Credit check for rental purposes
Asked on Sep 29 2010, Home Finance in Northampton
2 answers - Answer this question -
Asked on Jul 20 2010, Home Finance in Daventry
Be the first to answer this question -
Does anyone do mortgages for people in IVA's?
Asked on Feb 28 2010, Home Finance in Wellingborough
1 answer - Answer this question