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Sell my House Fast I have a Mortgage Time bomb

You may be forced to sell your house due to a mortgage time bomb

There are approximately 4 million people in the UK who own their property through an interest only mortgage. In fact, the truth of the matter is when you have a mortgage you don’t really own your house, the bank does and many find this out the hard way.

A large majority of the UK population have an interest only mortgage for two main reasons, not only are they cheaper but it also allows the borrower to buy a more expensive home as they can borrow a larger amount in relation to the amount of income they earn.

Many forced to sell property fast when approaching retirement

The FSA (Financial Services authority) have warned that 1.3 million of individuals who’s mortgage will mature in the next 8 years will be facing a mortgage time bomb. Now this can be a particular problem for those who are approaching retirement. Basically individuals with an interest only mortgage don’t pay down any of the capital, at the end of the mortgage term you will still owe the bank the original sum that you borrowed. Now many individuals will simply remortgage and carry on living in the same home. For those approaching retirement it simply may not be allowed.

Surprisingly by the age of 64 if  you are a UK citizen you will find it very difficult to attain a mortgage. Meaning that you can’t re-mortgage and will be forced to sell your beloved home just to pay the bank back their money. If for this reason you are requiring to sell your home fast, speak to one of our advisor’s as we can give you a lump sum for the large majority of your property value and any remaining equity that you have can still remain in your ownership as a managed, fully insured investment.

 

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— D. Halls London, England

“I got exactly what they offered in my bank account, nothing less, no extra fees or commissions.”

— R. Gray Colchester, England