![]() Lenders operate for-profit, so the trade off for consumers seeking funding comes around as interest. Homes and cars, for example, have their own brands of financing, dedicated to just such purchases. Other credit vehicles are better suited for purchases requiring many years to pay-off. Credit cards, for example, are designed for short-term debt purchases, which will be paid back relatively quickly. The borrowing methods used are chosen specifically for the purchases they fund. When savings and income do not cover the cost of purchases, consumers turn to various credit products to bridge the affordability gap. ![]() Cars, homes, college education, and other big-ticket items reach beyond our resources, requiring creative financing options to close the sales. Specialist independent Financial Advisers are also available or the government’s MoneyHelper website is a great free alternative resource.Major purchases are not always possible using available cash on hand. We’ll always listen to your situation and talk you through your options.įor those struggling to pay off a repayment mortgage, we’ve got free advice that could help. That’s why you don’t have to have missed a payment to seek advice from us. You don’t have to have missed a payment to benefit from discussing your worries.Īny concerns are easier to resolve the earlier you let us know. We’ll listen to you and walk you through the options available to help. Whether you’re concerned your repayment plan is unrealistic, or if you don’t yet have a repayment plan set up or if there are simply delays with your repayment plan funds being received, then we’re here to help and ensure you fully understand your commitments. We have a friendly UK-based team that you can contact to discuss your financial worries. As long as his mortgage payments are made in full and on time, he’ll own his home outright at the end of the new term.By discussing his current needs and circumstances, we were able to agree a monthly mortgage payment that Mr X was comfortable with.An alternative would have been to sell his home to repay the mortgage.One way to fund this would be to look for alternative borrowing, such as an unsecured loan.He’d need approximately £212,000 to repay his mortgage at the end of term.This solution, which was tailored to his needs, meant that monthly payments are a figure he’s comfortable with, and he now feels in control of his mortgage. He may pay more for his mortgage, however he’ll own his home outright at the end of the term To increase the term of his mortgage so it’s more affordable. To change from interest only to a repayment mortgage – although this increased his monthly payment, every mortgage payment he makes will reduce the amount he owes He had no way of repaying his total mortgage amount.Īfter discussions over the phone about his circumstances and current budget we recommended a solution that was right for him: Mr X said that although he regularly repays his interest only payments each month he was worried about what would happen when his mortgage came to an end. With no plans in place to pay his interest only mortgage, Mr X contacted one of our interest only specialists to discuss his circumstances and to try and find a solution. We helped Mr X take control of his mortgage and plan to own his home at the end of the term. Not all the solutions suggested in this case study will suit everyone’s circumstances. We have removed their name and personal details to protect their privacy. The case study below is an example of how we have recently helped customers. Any concerns are easier to resolve the earlier you let us know. Call our UK based team and we’ll walk you through the options available to help.
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