When EU Property Solutions start to see any property market with guaranteed yields, we also see issues further down the track, perpetrated because the market is either too heated or has peaked and is about to spiral downwards.
Interest-only mortgage coming to the end of its term? a question we ask many of our clients. It is entirely understandable why buyers were dazzled by the lure of relatively small monthly repayments, for what was then deemed to be an extended period, against such attractive yields.
But, when it comes to the repayment of interest-only mortgages, many clients have approached their lender for more time. In some cases, the lender may have changed to a new entity, leaving borrowers left to deal with a different bank than the one that sold them the mortgage in the first place. Such requests have usually been refused as the Banks stick rigorously to the mortgage contract, which clearly states the date change from interest-only to repayment.
The 10–15-year period of interest-only mortgages usually take purchasers into their early retirement: 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.
Chapter 5 of our new eBook contains further details on our experience with interest-only mortgages, click here to read the full chapter.
These mis-sold mortgages, and the promises around them, have led EU Property Solutions to help thousands of unfortunate victims now left in a financial disaster. We fully understand the issues involved and strive to bring hope and support to people struggling with the dire financial repercussions of their one misadvised decision.
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.