Call our UK based team and we’ll walk you through the options available to help. Any concerns are easier to resolve the earlier you let us know. The case study below is an example of how we have recently helped customers. We have removed their name and personal details to protect their privacy. Not all the solutions suggested in this case study will suit everyone’s circumstances.
We helped Mr X take control of his mortgage and plan to own his home at the end of the term.
With no plans in place to pay his interest only mortgage, Mr X contacted one of our interest only specialists to discuss his circumstances and to try and find a solution.
Mr X said that although he regularly repays his interest only payments each month he was worried about what would happen when his mortgage came to an end. He had no way of repaying his total mortgage amount.
After discussions over the phone about his circumstances and current budget we recommended a solution that was right for him:
To change from interest only to a repayment mortgage – although this increased his monthly payment, every mortgage payment he makes will reduce the amount he owes
To increase the term of his mortgage so it’s more affordable. He may pay more for his mortgage, however he’ll own his home outright at the end of the term
This solution, which was tailored to his needs, meant that monthly payments are a figure he’s comfortable with, and he now feels in control of his mortgage.
A summary:
Before:
• He’d need approximately £212,000 to repay his mortgage at the end of term
• One way to fund this would be to look for alternative borrowing, such as an unsecured loan
• An alternative would have been to sell his home to repay the mortgage
After:
• By discussing his current needs and circumstances, we were able to agree a monthly mortgage payment that Mr X was comfortable with
• As long as his mortgage payments are made in full and on time, he’ll own his home outright at the end of the new term
If I have concerns, who can I talk to?
We have a friendly UK-based team that you can contact to discuss your financial worries. Whether you’re concerned your repayment plan is unrealistic, or if you don’t yet have a repayment plan set up or if there are simply delays with your repayment plan funds being received, then we’re here to help and ensure you fully understand your commitments.
We’ll listen to you and walk you through the options available to help. You don’t have to have missed a payment to benefit from discussing your worries.
Any concerns are easier to resolve the earlier you let us know. That’s why you don’t have to have missed a payment to seek advice from us. We’ll always listen to your situation and talk you through your options.
For those struggling to pay off a repayment mortgage, we’ve got free advice that could help.
Specialist independent Financial Advisers are also available or the government’s MoneyHelper website is a great free alternative resource.
