Is your Interest-only mortgage term coming to an end? A question we ask many of our clients. 

It is entirely understandable why buyers were dazzled by the lure of relatively small monthly repayments, for what was then deemed to be an extended period, against such attractive yields.

Recently, we have seen clients struggling with the repayment of interest-only mortgages, many of whom have already approached their lender for more time. In some cases, the lender may have changed entirely to a new entity, leaving borrowers left to deal with essentially what is a different bank than the one who initially sold the mortgage.

Such requests have usually been refused as the Banks stick rigorously to the mortgage contract, which outlines term dates from interest-only to repayment.

The 10–15-year period of interest-only mortgages usually continues long into the early first years of retirement: a time when significant changes in disposable income occur, which can be devastating.

For example, a gentleman, now 78 years old, recently advised us that his mortgage would rise from €345 per month to an unsustainable €2,894 per month along with his income dropping by 75%.

Chapter 5 of our new eBook contains further details on our experience with interest-only mortgages, Click here to receive your FREE hard copy of our latest Book publication.

These mis-sold mortgages, and the promises around them, have led EU Property Solutions to help thousands of unfortunate victims now left in financial chaos. We fully understand the issues involved and continue to bring hope and support to people struggling with the dire financial repercussions of these mis-sold interest-only mortgages.

Get in touch with our specialist team today if your interest-only mortgage term is coming to the end, we can advise of what options are available to you.

P: +44 330 124 1230 | E: hello@eupropertysolutions.com |
W: www.eupropertysolutions.com

Our Chairman, Terry Bell hosted a FREE webinar offering hope and solutions to those facing the huge issue of spiked repayments due to borrowers’ interest-only term coming to the end of their term on their foreign property be it Spain, Cyprus or anywhere in the world.

The recording is now live on our YouTube Channel, click the image below to watch it on demand!