By Chris Morgan, Lead Financial Adviser & Mortgage Commentator,
The most controversial and relevant mortgage issue coming over this next five years will almost definitely be “Mortgage Term Ending.” Interest Only Mortgages are ending for literally thousands of people, who took out their mortgages over 20 and 25 years, before the last credit crunch back in 2008.
Many of these mortgage holders applied for their mortgages with very little in the way of proof of income, through what was known as “Self Certified” Mortgages. Lenders were offering Mortgages without checking a persons income, which for many now means they are finding it difficult to secure an “Exit Route” to hold onto their Buy To Let properties or Residential Home.
Buy To Let – Mortgage Term Ending
Fast forward 20 years and mortgages are now coming to an end, with many of mortgage holders being left without any suitable ongoing “Exit Route”. Buy To Let Landlords whose portfolio’s make up a major part of their “Later Life Planning” are finding it difficult to re-mortgage and keep the properties they were relying on for their retirement income.
Customers who were formally with Bradford & Bingley and Mortgage Express are already likely to be receiving letters from administrator companies like Rosinca Mortgages and Siberite Mortgages containing final dates for their Mortgages to repaid in full. These are normally sent at 12 months, 6 months and 1 month intervals, before the lender then begins the foreclosure process – meaning a forced sale of the property.
Residential – End of Mortgage Term
Many high street banks like Halifax also have residential mortgage customers who also now have their Mortgage Terms Ending and, with the economy the way it is currently, most lenders are in the mode of reclaiming capital and rebuilding their businesses through the recession.
Simply they want their money back and we are seeing little appetite for “later life lending clients” being offered compromises and extensions to their current mortgages. Therefore they need to find alternative exit routes and solutions as quickly as possible. It is essential, that if you find yourself in this situation, you get professional advice as soon as possible from an adviser who holds the higher “Later Life Lending” qualifications.
Countdown Letters – Don’t Wait Until Its Too Late!
If you have received a letter from your bank about your Mortgage Term Ending, then please do not ignore this letter. Most send out letters at 12 months, 6 Months and then 1 month before the end of the mortgages. Here’s a list of current and previous mortgage lenders who are on our monitoring list who send out “Countdown Letters”.
Bradford & Bingley, Cerburus Mortgages, Citi Mortgage, GMAC Residential Funding, Halifax Mortgages, Heliodor Mortgages, Intelligent Finance, Jasper Mortgages, Landmark Mortgages, Mortgage Express, Northern Rock, Roselite Mortgages, Rosinca Mortgages, Seberite Mortgages, Topaz, UCB Home Loans, UK Asset Resolution. Whilstree, Trustee Savings Bank TSB.
Don’t wait until its too late, pick up the phone and take control of your situation and find out what options you do still have. We are particularly able to assist those with Buy To Let Mortgages ending and those nearing retirement who are considering their Mortgage options.
15 Minute Mortgage Assessment
Unusual Mortgages offer a 15 minute free mortgage assessment over the phone for anyone that has been turned down for a mortgage elsewhere. We are particularly strong in the areas of Mortgage Term Ending, End of Mortgage Term, Later Life Lending and Buy To Let Mortgages.
If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from the most experienced mortgage broker in the United Kingdom at placing “Unusual Mortgages”.
If you would like to know more about the types of Mortgages that we arrange you can find a comprehensive “A-Z of Mortgage Issues” on the right side bar of this page. You can contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk