If you have an interest only mortgage, you should have a repayment vehicle in place to repay the capital (the amount you borrowed) at the end of your mortgage term. If you don’t, you will have a large amount to pay and in certain circumstances may need to sell your home to repay it.
You might be unable or unsure of your mortgage options at the moment. Either way, speaking to a mortgage adviser can help you understand which options are available.
Check your current arrangements
Review your mortgage offer and latest mortgage statement, it may surprise you how much you owe and when you’re due to repay it. If you have a repayment vehicle in place, check it is on track to provide the funds you need to repay your capital at the end of the mortgage term.
The earlier you speak with a mortgage adviser, the more time you have to make a difference. Even if you think you can’t afford to do much now, speaking with an adviser can help you understand your possible options or potential changes you need to make in the future. So don’t delay, speak to an Embrace Mortgage Services adviser. Click here to contact your local Thomas Morris Sales & Lettings branch who can make you an appointment to see an Embrace mortgage adviser at a day and time to suit you.
Alternatively contact Embrace Mortgage Services direct on 01480 474488. Please note Embrace Mortgage Services provide advice in relation to mortgage and protection insurance only.
Please click here to see the full report published by the Financial Conduct Authority which may help you understand further why it is so important to have a repayment vehicle in place to pay off your capital at the end of your mortgage term.
Thomas Morris is a trading name of Thomas Morris (Property Management) Limited and is an introducer appointed representative of First Complete Ltd for purpose of the provision of advice in relation to mortgage and non investment insurance products. Mortgage and Protection advice is provided by LSLi Ltd t/a Embrace Mortgage Services, an appointed representative of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Embrace Mortgage Services initial mortgage consultation is free. Embrace Mortgage Services will charge a fee of between £399 and £699 upon mortgage application. Depending on the amount of research and administration required.