Interest-only mortgages were sold as an easy way to avoid large repayments. They were often based on the promise of high rental incomes. However, when they reach the end of their term, borrowers are often left with unmanageable payments.
It is easy to see how so many buyers fell victim to an interest-only mortgage. Many were dazzled with promises of low payments for an extended period and guaranteed returns.
Now, many borrowers face the end of their interest-only period. At this point, they find themselves running out of time to find a way to meet these huge monthly repayments.
You can always ask for more time however, these requests are usually refused by the Banks. They stick rigorously to the mortgage contract, which clearly states the date change from interest-only to repayment. In some cases, the lender may have changed to a new entity. Borrowers end up dealing with a different bank than the one that sold them the mortgage in the first place.
The 10–15-year period of interest-only mortgages usually take purchasers into their early retirement. This is a time when changes in income can be devastating. For example, a gentleman, now 78 years old, recently advised us that his mortgage would rise from €345 per month to an unsustainable €2,894 per month.
These mortgages, and the promises around them, are why EU Property Solutions work to protect thousands of unfortunate victims from financial disaster. We fully understand the issues involved. We negotiate with the banks to reach the best possible outcome for you. Ultimately, we strive to bring hope and support to people struggling with the dire financial repercussions of their one misadvised decision.
Chapter 5 of our new eBook contains further details on our experience with interest-only mortgages, click here to read the full chapter.
Get in touch with our specialist team today if your interest-only mortgage is coming to the end of its term and you would like to know what options are available to you.
Call us on 0044 330 124 1230 or send us an email at [email protected]
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We are a UK based firm with legal teams in Spain and Cyprus who understand the market and Bank practices as they stand. We remove the language barrier and utilise law, Bank lending flaws and current client circumstances to negotiate the best feasible outcome for all our clients.
EU Property Solutions was formed following the success of our associate firm Bell & Company. An FCA registered firm of Debt Strategists, Bell & Company assist individuals in difficulty in the UK and Republic of Ireland with Personal and Business-related debt issues.
We have an excellent track record of success. Our success stories and testimonials come straight from our clients & highlight the high quality of our works and outcomes. We have individuals willing to speak to prospective clients on the telephone to offer their story and experience.
Our obligation is always to our client and that is where our strength lies. Debt is highly stressful and emotional. We deal with debt day in day out and employing an intermediary removes emotion from the situation allowing clear strategy to be implemented to get the best outcome for our clients. Understanding a firm of professionals is acting on your behalf can remove stress and focus the mind to a positive end goal.