What Happens When Interest Only Mortgages End?

        Discover Your Options…Without The Hassle!

My interest only mortgage is ending, what happens now?

Your lender will eventually write to you requesting you arrange a mortgage repayment strategy. Many people are settled in their homes and do not wish to downsize. There can often be a large lump sum to repay. This can cause stress and worry that the mortgage cannot be repaid. 

What can I do if I don’t want to move home and I don’t have (or wish to use) other assets?

There are options when your interest only mortgage term ends.

You can explore all your remortgage options with Compare My Equity.

Request Your Mortgage Information Below & Enjoy Financial Security For Life. 

Request Your Mortgage Quotes And Access Your Free Home Valuation & Review With An Expert. 

expert@comparemyequity.co.uk

0800 2465228

We can save you money with exclusive plans through our independent equity release advisers who have highly rated equity release reviews across the industry

 

 

 

Request A Quote & Receive Your FREE Initial Mortgage        Review With An Expert!

Get Started Here! - Step 1 of 2

By submitting this form you agree to be contacted by our regulated partner to confirm your details and provide a comparison and quotation based on additional questions about your circumstances. Any personal data provided through this form will be processed in accordance with our Privacy Notice.

 

 

 

What actually happens when my interest only mortgage ends? 

Your lender will write to you requesting you arrange a repayment strategy. Many people are settled in their homes and do not wish to downsize. There can often be a large lump sum to repay. This can cause stress and worry that the mortgage cannot be repaid. 

  • What can I do if I don’t want to move home and I don’t have (or wish to use) other assets?

 Good news, there are special mortgages designed for retirement years called lifetime mortgages. 

You can explore all your remortgage options with Compare My Equity.

Request Your Mortgage Information Below & Enjoy Financial Security For Life. 

Request Your Mortgage Quotes And Access Your Free Home Valuation & Review With An Expert. 

expert@comparemyequity.co.uk

0800 2465228

We can save you money with exclusive plans through our independent equity release advisers who have highly rated equity release reviews across the industry

download
unnamed

and I’m  

If your Interest Only Mortgage is ending there are options enabling the equity (the cash in your home) to be enjoyed as you wish. If you are over 55 and a homeowner then you are likely to be eligible 

            Remortgage Quote & Receive Your FREE Initial Mortgage Review With An Expert!

            Request A Quote & Receive Your FREE Initial Mortgage Review With An Expert!

Increasingly people over 60s & 70s are using Mortgages to access their equity to gift an early inheritance to family members and for estate planning

If you are unsure what to do when your interest only mortgage ends compare My Equity provide an independent market search of your options to ensure you have access to the complete range of the best mortgages for the over 60s and 70s

            Request A Quote & Receive Your FREE Initial Mortgage Review With An Expert!

What can I do when my interest only mortgage ends?

Lifetime mortgages are designed for retirement borrowing and are more flexible than typical mortgages. 

Request further information and a qualified expert will explain all your options. 

What Happens At The End Of An Interest Only Mortgage?

What happens if interest only mortgage is not paid by maturity date?

The lender could repossess your home as a last resort. You can either remortgage, use alternative assets or sell your home. A lifetime mortgage equity release plan can provide a flexible solution You can consider a lifetime mortgage to settle your existing mortgage.

Can you extend an interest only mortgage maturity date, What happens after my interest only mortgage mortgage maturity date?

Upon your interest-only mortgage maturity, the lender requires a settlement method. Many lenders do not offer an interest only mortgage.  

You can either remortgage, use alternative assets or sell your home. The lender may require a repayment mortgage which could prove expensive compared with an interest only mortgage. If you are over 55 a lifetime mortgage would be an option to consider.

The lender requires a repayment method, either selling your home and repaying or a remortgage.

What happens at the end of an interest-only mortgage term?

At the end of an interest only mortgage term the lender requires the plan to be settled. 

The high street lenders such as Santander, Barclays and Nationwide are not offering interest only mortgages with voluntary repayment options. Interest only mortgages ending and a lack of options from the banks are increasing demand for mortgages in later life. 

What are my options at the end of an interest-only mortgage?

You can either move home and repay the mortgage or arrange a remortgage. A lifetime mortgage can provide long term flexibility and peace of mind in your home. 

Lifetime mortgages are a solution for people over 60 and 70 looking for a remortgage solution to raise money from your home to release equity to enjoy your retirement in financial security. 

Is there an age limit on interest-only mortgages? What’s the oldest age you can get a mortgage, can i get a 30 year mortgage at 60?

Many lenders only allow up to age 70. Lifetime mortgages are more flexible and have no upper age limit, they are repaid from the sale of your home when you eventually pass away or go into care. 

What can I do when my interest only mortgage ends?

When your interest only mortgage is ending this can be an uncertain time especially if you don’t wish to sell your home. You have options when your interest only mortgage is ending. Request a free review from compare my equity and we will help you with your mortgage options here 

What’s the difference between Equity Release & Lifetime Mortgages?

Equity Release is simply a term for raising equity. An equity release lifetime mortgage is the most common method of safely accessing this equity from your home, tax-free.

What are the typical interest rates available?

Equity Release interest rates are starting under 4% fixed for life, depending on the amount of money required as a lump sum and also any reserve facility taken. 

The initial lump sum has a lifetime fixed interest rate which is agreed at the time of taking an equity release plan. 

The reserve, also known as a drawdown facility is charged at the interest rate applicable at the time of borrowing the further funds. 

Are lifetime mortgages safe?

All lifetime mortgage UK lenders are all fully regulated by the financial conduct authority (FCA).

Your lifetime mortgage quotes will only be from Equity Release Council Plans for your added peace of mind. The council are the industry trade body who provide several codes of conduct for your added security, including the essential guarantee you will never enter into negative equity. 

Can I make repayments with equity release?

Usually you can repay up to 10% of the amount borrowed within any 12 month period. This is on a flexible basis and completely voluntary. 

How do I find the most suitable option for me?

Understanding your options and suitability is important to making the best decision for you.

We can put you in touch with an expert who will review and assist with this process to compare equity release schemes and interest rates for you. We compare the entire equity release market to find your best solution.  

The specialist broker we put you in touch with operate a zero-pressure policy, and will answer all your questions to ensure you are fully informed with no commitment.

Do I have to sell my home?

The most common form of raising equity is a lifetime mortgage where you maintain 100% full home ownership for the rest of your life, or joint lives where applicable.

Importantly, you can still move home if you wish and repay or move the mortgage with you. 

Can I use my equity for early Inheritance or for tax-planning?

An equity release lifetime mortgage can be used for estate planning purposes.

What happens at the end of an interest-only mortgage term?

At the end of an interest-only mortgage term the lender requires a settlement method. Many lenders do not

You can either remortgage, use alternative assets or sell your home. The lender may require a repayment mortgage which could prove expensive compared with an interest only mortgage. If you are over 55 a lifetime mortgage would be an option to consider.

Is it possible to extend an interest-only mortgage

solution, unless you have a lump sum to settle the mortgage with in the future.

What happens at the end of an interest only loan?

The lender requires a settlement plan. The lender may require a repayment mortgage which could prove expensive compared with an interest only mortgage. If you are over 55 a lifetime mortgage would be an option to consider.

What are my options at the end of an interest-only mortgage?

You can either remortgage, use alternative assets or sell your home. A lifetime mortgage equity release plan can provide a flexible solution

Can you get equity release on an interest only mortgage?

Yes, you can get equity release to repay the mortgage. A lifetime mortgage is a type of equity release and this can be used as a repayment strategy for your interest only mortgage.

Is there an age limit on interest-only mortgages?

Most banks have an upper age limit of around 70 years old on interest only mortgages. Lifetime mortgages have no age limit and can be used to settle an existing interest only mortgage.

grass-farm-lawn-house-building-barn-1153179-pxhere.com

Interest Only Mortgage is Coming to an end

Compare my equity searches the mortgage market for your interest only repayment solution so you can enjoy your home for the years to come when your interest only mortgage is coming to and end. 

Request a call back today  here 

Interest Only Mortgage is Ending

If your interest only mortgage is ending you can access advice and quotes through compare my equity. 

If you are looking to calculate the level of mortgage and equity you are able to access you can Calculate your available equity here 

Obtaining mortgage when your interest only mortgage is ending not as complex as most people believe. In fact, getting a mortgage is straightforward with Compare My Equity as we search the whole market for your best deal. 

High street banks including Santander, Barclays and Halifax do not
offer lifetime mortgage solutions for older people. 

Options when interest only mortgage ends are quite varied with lifetime and retirement interest only mortgages being available. 

Interest Rates on the mortgages are mainly on a fixed
basis, and many lenders offer fixed interest rates for life. 

The mortgages can be used to gift an early
inheritance, for home improvements or to supplement income into the retirement
years. 

The money is tax-free making it an efficient method

of raising funds.  We search the entire marketplace and provide you with
detailed quotes and guides to enable you to make the right decision.

What Happens When Your Interest Only Mortgage Ends?

When your interest only mortgage is ending it can seem daunting however there are lots of options available to you. If you need to remortgage to a more flexibile solution Compare My Equity can provide a comparison service and put you in touch with an expert to answer your mortgage questions. Lifetime mortgages enable you to unlock the wealth that has gradually built-up as house prices have increased over the past few decades, making your home a financial asset.

Whether you wish to extend your mortgage term or raise cash to help live the retirement you deserve, lifetime mortgage plans provide a greater range of options then traditional mortgages and can be arranged on an interest only basis, to maintain control of the equity released. So when you are concerned about your interest only mortgage what happens at the end, you have many options. 

Importantly, since this equity can be taken out tax-free, the mortgages provide an attractive & economical method of raising cash to enjoy and enhance your quality of life with a cash injection using a lifetime mortgage. 

What Happens When My Interest Only Mortgage Ends

Later Life Interest Only morgage providers offer plans which are both flexible & secure. 

We search all providers to find your best interest only lifetime mortgage deal and assist with answering all your questions and providing advice. 

You can continue to enjoy your home in the years to come, whether you choose to make payments or not. 

You retain full home ownership & security for life. We help you find the best lifetime mortgage provider and plan, and we have access to all lenders to secure your best deal.