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The 'Ticking Time Bomb' Mortgage

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Over the last number of months, our office has received an increase in the number of clients who have contacted us in a state of stress and panic as they have received that dreaded letter advising their Mortgage term has expired. The lender is now requesting the balance in full and they don’t know what to do.

It is estimated that 600,000 interest-only mortgages are due to expire by 2020 with thousands of these households at risk of losing their homes as they either have no strategy for paying off their Capital at the end of their term or they quite simply don’t realise they were on an interest-only Mortgage.

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/inheritance, switching to a repayment mortgage, a mortgage extension or selling the property.

The important thing is to ACT NOW or REGRET LATER as if you have no plan in place to repay your Capital then you will be at risk of losing your home and legal proceedings may emerge.

Many of us are guilty of the ‘I’ll do it tomorrow’ approach and ignore the problems hoping they will just disappear. This is something you definitely cannot ignore as ‘tomorrow’ the ticking time bomb can explode and you are left to deal with the aftermath.

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 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.

Conor DevineComment