If you have an interest-only mortgage it’s important to have a plan to repay the original amount borrowed
Having an interest only mortgage (also known as an endowment mortgage) means you only pay the interest during the mortgage term. This means when the mortgage ends the full loan amount borrowed (the capital) will need to be repaid.
Even if this is a few years away, the sooner you start working on a repayment plan, the easier it will be and the more options you will have.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Follow our simple steps below to make sure you have an adequate repayment plan in place
Talk to us
If you have any concerns about how you are going to repay the original amount borrowed at the end of the mortgage term, the best thing to do is contact us at 028 9082 1670.
Alternatively you can contact your Financial Adviser or one of the free advice services such as Citizens Advice or Money Advice Service.