Interest Only Mortgages .... the ticking time bomb

Are you one of the 400,000 desperate householders fretting about having to pay off your interest-only mortgage this year?

Maybe it’s a couple of years down the line or at the turn of the decade?  

You’re in this dilemma – not because you happen to be bad with money – but because you thought you’d be able to re-mortgage when the time came. And, well, that’s what you were encouraged to believe when you signed those mortgage papers in the first place. That’s you, and 1.7 million other householders who are currently stuck with an interest-only mortgage. The fact interest-only payment mortgages have been banned since 2008 itself speaks volumes.

To find out you can’t remortgage at the end of your mortgage term because your circumstances have changed - ie you may be a freelancer worker or newly divorced - and will be left struggling to pay off an impossibly huge sum of money instead, can be devastating. Especially when repossession is the next step, with the fear of homelessness then on the horizon. Older people near retirement age and above are the worst hit.

That’s an awful scenario for any householder to contemplate, let alone a pensioner. And it’s why here at Stewardson.co.uk we love our job. Because we can take that pressing debt away and find you a good quality rental property to move into at the same time.  

How we can help you pay off your mortgage

We can do that by buying your home from you at a decent rate, so you can pay off your debt in one lump sum. We’re not one of

those unscrupulous ‘Buy Your Home Fast’ firms who agree a price then at the last minute reduce it, leaving you with no option but to accept or be left with no roof over your head.  

No, we’re a family firm, who have been supplying quality rental properties to people for more than 25 years, and who genuinely do want to help. After all, I’m sure there are thousands of us out here thinking: ‘there but for the grace of god….”  

And we won’t just buy your house but make sure you have a quality roof over your head to move in to.  

The way we work

We will never pressure you into selling. That’s just not us. We will come and chat with you face to face if that’s what you’d like. We’d also need to visit your home to be able to work out what it’s worth and find out what you’re looking to move in to. We won’t keep you hanging on but will give you a written guarantee of purchase within 24 hours. We’ll also consider any special timescales or requirements you may have. Moving home is a huge upheaval, after all.

If you need a solicitor you can use ours for free, or we can give you £500 towards a solicitor of your own choice. As the sale goes through we’ll keep you updated. The sale will complete within 21 days (or on a date to suit you) and the cash sum will be transferred into your bank by the solicitor  

As well as receiving a cash lump sum other benefits to selling your home this way means there are no estate agency fees and you won’t have deal with a host of buyers and energy-draining negotiations.

There are other alternatives to selling your home, of course. One is to take out a retirement interest-only mortgage (RIO). The downside of this is you’ll be left with very little money to

pass on to your children or grandchildren if that was your intention.  

Get in touch

The point of this article though is to let you know that there is a clear and hassle-free way out of your forthcoming interest-only mortgage dilemma. And it’s one which will let you move forward debt-free, while still having a quality roof over your head. To chat about selling your home or renting one of our properties then you can call 01384 633733 or email info@stewardson.co.uk. Or, take a look at our website

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looking to sell your property but unsure of what to do next?

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01384 633 733
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info@stewardson.co.uk
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