If you have an interest only mortgage, you’re not alone.
In fact, the Council of Mortgage Lenders estimates 1.7m borrowers have interest-only mortgages.
It’s important to remember that with an interest only mortgage, your monthly payments will only cover the interest payable on the capital sum (the amount you borrowed).
Without a capital repayment strategy in place, you may find yourself unable to repay your mortgage at the end of the term.
That could lead to you having to sell your home to repay your loan.
With interest rates currently remaining at a low level, now may be the right time to review your needs with us – it may even be a good time to consider changing to a capital repayment mortgage.
Get in touch and we can help you review your situation.
Call 0161 443 4830 today and book your FREE consultation to discuss your mortgage options.