REPLACING YOUR INTEREST ONLY MORTGAGE

replace interest only mortgage
  • Are you in a position where you have been very happy for many years paying off an Interest Only mortgage on your home?

  • Is the end of the term is looming?

  • Is your lender demanding their money back?

  • Are you unable to extend or re-negotiate a new Interest Only mortgage, even though you can still make the repayments?

  • Is your current mortgage too costly too maintain?

  • Can you not get a conventional mortgage due to bad credit?

  • Are you over 55 and your age is a reason for being refused a mortgage?

 

WELL DON’T WORRY as many, many people are finding themselves in this position and as it happens this is one of the main reasons that many over 55's take out Equity Release or a Lifetime Mortgage.

 

People come to us saying that they do not want to move from the family home, well not for a few years yet anyway, but their Interest Only mortgage provider, who are usually the biggest high street banks and building societies are demanding their money back or saying that there is a risk of repossession!!!

 

This shift in the last few years by Interest Only mortgage providers has been due to the Mortgage Market Review carried out by the Financial Conduct Authority and as such the lenders now have to prove affordability of such loans in many more ways than ever before.

 

This means that many, many people cannot even go to a new mortgage lender and start a new plan, despite having never missed any mortgage payments and feeling that their payments will always be affordable.

 

At Viva Retirement Solutions we will look at your situation and will advise if a Lifetime Mortgage, Equity Release or Retirement Interest Only (RIO) plan can be used to replace your Interest Only mortgage and allow you to stay in the family home.

 

We hear you say “But we want to keep making Interest Only payments and want to maybe downsize in the future” -  WELL YOU CAN

Take the next step and find out more by requesting our FREE brochure.

What Our  Customers Say....

I had an interest only mortgage and needed to pay the balance of the mortgage by September 2022. The house market was horrendous in the southwest and there was nothing I could afford that would have been suitable for me in retirement. I wanted to stay where I was and not have to move. I had thought about Equity Release and asked my mortgage advisor about it, he recommended Viva Retirement Solutions and I was then put on to Dawn Evans.  She gave me advice on Equity release. She went through the whole process of releasing equity a couple of times to make sure I was making the right decision. I can think about retiring now.

Private, Yorkshire. 4/5/22

We had previously arranged an equity release mortgage through Paul and it was time to update to a new product. As paul served us well previously, we returned to him.  Paul was very helpful throughout the entire process and provided clear and detailed explanations on all aspects of the Lifetime Mortgage that we selected.

Mr Mashford, Hertfordshire 15/2/22

"We were able to make Direct Debit payments for the Interest Only amount so that the interest did not accumulate as this was very important to us." Having said this, they liked the knowledge that they could stop monthly payments at any time and still make ad-hoc payments whenever they want in the future.

Private, Hertfordshire 10/1/22

We had to sell our flat to pay off our old mortgage. Now in our 60's it would have been difficult to get a mortgage and equity release is a minefield so we were looking at a lifetime mortgage. We had a number of difficulties, mainly caused by solicitors, but Gérard​ helped us tremendously by liaising with the mortgage company, solicitors and keeping us informed at all times. He went above and beyond what is expected of a broker and we really appreciated it. 

Mr and Mrs Del Castello, Surrey 9/12/21

See more testimonials here