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Why lender engagement and a plan is vital in preventing that interest only mortgage time bomb!


It has recently been reported that many thousands of households across both the U.K and Ireland have no strategy for paying off their Capital at the end of an interest-only mortgage term and risk losing their homes.

The Financial Conduct Authority has stated that borrowers are ignoring this mortgage time bomb.

We are once again reinforcing the very important message that regular engagement with your lender is essential and having a strategy in place to pay off that final bill is a must.

GDP Equity Experts can’t emphasise enough the importance of contacting your lender as soon as possible as the sooner you do so the more options will be available to you. These options are bespoke and may include the use of savings, switching to a repayment mortgage or selling the property. By law if you are currently struggling but you notify your lender as soon as possible then you are given a period of grace at the end of your mortgage term to find the money.

Please be warned that if you cannot pay off that lump sum then you may end up having to sell up or hand over the keys to your lender. That is why you need to act today to avoid this eventuality.

Do not bury your head in the sand.

We have met hundreds of clients faced with this situation and it always amazes us to hear how some people have ignored this serious issue until it is too late. You need to understand that this issue will definitely catch up with you therefore why ignore a problem for “tomorrow” that can have a workable solution “today”?

What should I do?
Firstly, you need to read over and understand your mortgage paperwork to determine and understand the agreement that you have made with your mortgage lender. Knowing what product you're have and when your current deal ends is critical to having a workable plan and solution in place to deal with any impending lump-sums at the end of your term.

By acting immediately, this will enable you to plan ahead for the future safe in the knowledge that you will not face an end of term nightmare which could result in you losing your home. This is not an attempt to scare you but rather an attempt to give you the push that you might need to prevent this nightmare from ever occurring.

ASK FOR HELP - Try not to wait any longer, if you have a financial issue, or are concerned about any of the matters mentioned in this piece, simply ASK FOR HELP NOW.

What we can do to help? 
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues and in particular property debt related issues.  We would be very concerned at this point as we have met many people right across the UK and Ireland, who have let this problem worsen by simply ignoring it for too long. Therefore, our aim is to educate individuals, households and businesses into acting immediately with regards to any property debt related matter and to take advice in this regard from a regulated team of debt advisors to plan for the future.

GDP Equity Experts take pride in our first-class advice and assistance that we offer to our clients. We will work closely with you from the very start of the process as we know what is expected and how to get you to where you want to go.

It is quite simple; we WANT to hear from you today because we WANT to help you today.

If you would like to download a copy of our 7 step guide to our eBook, then please hit the button.

Darwin AllenComment