Remortgage now to stop the interest-only time-bomb.

Opting to remortgage now could stop the time-bomb of interest-only mortgages from exploding and leaving you homeless.

Consulting with Deal Direct today means obtaining the proper advice that could avert a disaster that is being faced by thousands of people who took out an interest-only mortgage 20 – 25 years ago.  

The advantage of the interest-only mortgage is that monthly repayments are low. However, as you are only paying the interest and your repayments are not reducing the capital amount you borrowed, you must have enough money to pay off the mortgage at the end of the term.

At the same time as your mortgage, you may have been advised to take out an endowment for the same period of time. The idea was that when it matured, it would yield sufficient money to pay back your loan.

A problem exists today because borrowers didn’t invest any money in an endowment or the fund they paid into falls short of the capital sum owed. Home-owners are finding themselves unable to pay back what they borrowed and are facing the possibility of their home being repossessed as a result.

If you think this might be you, what should you do?

The worst thing you can do is to bury your head in the sand and hope the problem goes away. It won’t.

The best and most urgent advice would be to contact expert mortgage broker, Deal Direct, as soon as possible to find a suitable remortgage.

Don’t delay and contact Deal Direct now on 0800 048 8828.