CASE STUDY SEVEN - REFINANCE YOUR MORTGAGE
Mr & Mrs G had released some of the equity from their property by means of an interest only mortgage nearly 10 years ago. They had recently received a letter from their mortgage provider stating that their interest only mortgage was due to be redeemed so they contacted their bank to see what options they had. They did not have any savings to be able to repay the amount that they owed and they had hoped that when the time came to redeem the mortgage they would just transfer the balance onto a new plan. Unfortunately, due to a tightening in the banks lending criteria following the recent 'credit crunch', they were told that they would not be eligible for a new plan as their income was insufficient. Unsure what to do and concerned that they might be repossessed and lose their home, they contacted Viva Retirement Solutions and we found a mortgage provider that allowed them to redeem their existing interest only mortgage and continue living in their property for the rest of their lives without this situation ever arising again.
The great thing for our clients is that they were able to make Direct Debit payments for the Interest Only amount so that the interest does not accumulate as this was very important to them. 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.
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