Interest only mortgage holders should compare remortgages now.
Deal Direct are advising interest only mortgage holders to compare remortgages now and switch deals if your repayment vehicle will not cover the capital owed at the end of your mortgage term.
In the past, interest only deals may have been approved for those home-owners who could not afford to get on the housing ladder any other way. Today some interest only mortgage holders are paying their cheap rate mortgage each month without actually realising that they are no closer to paying off the capital owed.
Either way the FSA has highlighted the fact that there could be trouble ahead for those who get to the end of their mortgage term and cannot afford to pay off the capital owed.
For those of you who are in this position Deal Direct have a solution. We recommend that you contact us now to compare remortgages as we can find you a competitive deal to switch to.
By remortgaging and moving to a repayment deal you can be assured that your mortgage will be paid off in full at the end of the term.
For those with 25 per cent equity a remortgage should be straight forward, with less equity it may be slightly more challenging. We therefore recommend that you contact Deal Direct and let our highly skilled brokers compare remortgages on your behalf.
We are up to date on all lenders latest rates and mortgage criteria and can therefore conduct a search in less time and with no stress to you.
Contact Deal Direct now for the best remortgage rates available in the UK today.
