Residential properties with an interest only mortgage we feel are worthy of special attention from an advice perspective in two important ways.
Firstly, you may as a borrower find yourself in a situation where you have an interest only mortgage on your primary residence, with the final few years of your mortgage term remaining, but without a clear picture as to how you will repay the debt without having to sell your home later in life.
If this is you, we encourage you to get in touch with us at Bigmores, and allow us to help put in place a financial plan that will allow you to manage the redemption of your interest-only mortgage.
From another perspective, those clients who are currently on a capital and interest repayment basis, but who feel they may be able to benefit from the lower, fixed monthly outgoings of an interest-only mortgage, should seek our advice as to whether this is appropriate for them, and if it is, how best to realise these aims with the help of Bigmore Associates.
Conventional wisdom is that interest only mortgages are hard to come by, and whilst it is true many will not qualify for, or are not suited to, an interest only mortgage, in the right circumstances Bigmore Associates can arrange this without difficulty, and help find you find a lender whose criteria matches your unique situation.