Can I remortgage at the end of an interest only term?
There could be millions of home owners asking can I remortgage when interest only mortgages come to the end of their term.
Recently published figures suggest that there could be in the region of 1.5million borrowers over the age of 50 who may not be able to clear interest only mortgage debts.
Many endowment policies and other investments were expected to cover mortgages, but have not performed well enough to cover loan debts at maturity.
If you have made investments in order to pay your loan, but find that they are likely to be short of the sum you need, you may need to look at remortgaging.
There are fewer interest only products on offer.
The problem for some home owners could be that lenders have been tightening their lending criteria and what will be accepted as a valid repayment vehicle has changed.
Some lenders no longer offer interest only mortgages, which has reduced the number of options available and monthly costs are higher for repayment mortgages.
Older home owners asking can I remortgage may have their options limited by the age at which some lenders will offer mortgages.
At Deal Direct we have access to lenders deals throughout the mortgage market and can find the right mortgage product for your circumstances.
Call us today for a free personalized mortgage quote.
