My interest Only mortgage has 2 Years to run. What can I do?
Posted on 9 June 2013 by Andrew
I have a £200,000 existing int. only mortgage with 2yrs to run . I have to fund in addition £150,000 to private debtors. Property value is £750000. Income [index linked ] is £80,000pa. & twins 22yrs both in employmentlive here & would / could act as guarantors . Can you advise?
This isn't the easiest question to answer. Your age is probably key to what we can do here. Interest only can still be arranged, subject to how you intend to repay it, and the loan to value that you need. We can also look at guarantor mortgages, depending on the incomes for your two sons.
For the more complex situations we may have to look outside of the major lenders, as they tend to be very black and white these days, and therefore we may to approach a lender who manually underwrites and can judge the case on its individual merits.
Before I can give you any concrete advice or guidance, there's a lot more I'd need to know regarding your presonal financial situation and that of your sons.
If you'd like to have an initial discusson to look at your options in more detail then please let me know and I'll arrange a convenient time to talk.
Simon email@example.com More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.