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July 2012 Newsletter – Are you on an Interest Only Mortgage?

July 16th, 2012 | No Comments | Posted in Monthly Newsletters

The Mortgage Store - Interest Only Mortgage

Many lenders have made changes to their interest-only mortgages and their acceptable repayment vehicles. Many lenders now require a higher equity amount within a property if you have an interest-only mortgage, alongside stringent requirements for particular repayment vehicles to be in place.

The Mortgage Store - house_happy_percentage

The tough climate that we are currently in has meant that lenders have needed to tighten their criteria and ensure they are lending responsibly. One area of focus has been the interest only mortgages.

There is much debate around the future of interest only mortgages. What is certain now is that if have an interest only mortgage you need to review your repayment strategy to ensure it will repay your mortgage at the end of its term.

Existing interest-only borrowers will need to think about the impact of the criteria changes will have on them and their future. There may be limited options available when re-mortgaging or moving house, so it is always best to get advice now to avoid being unable to move forward with your plans in the future.

Thankfully here at The Mortgage Store we can offer a full mortgage advice service and can look at all the options available to you and discuss the best solutions for you. There are many things to take into consideration when taking out a mortgage such as general insurance and protection. Thankfully we offer a full service in insurance.

To find out more why not contact us Today

We look forward to hearing from you.

For further details or to arrange an interview please use our ‘Contact’ Page.

For a PDF version of this newsletter please click the PDF icon: The Mortgage Store Newsletter July 2012 PDF

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  • The Mortgage Store (TMS Ltd.) is a firm of professional Advisers who specialize in all types of Mortgages and Related Insurance Services.

    For Free Advice on Mortgages and related Insurance Services or Use our CONTACT Page to send us a message

  • FEES:
    We are normally only paid by way of commission from the lender, Alternatively you can choose our Fee Only option where you pay us a fee instead and we rebate our lender commission to you. Depending on your circumstances there might be an additional fee charged for mortgage advice, and if so it will not exceed 1% of the mortgage amount.
    Your home may be repossessed if you do not keep up repayments on your mortgage.