Nearly a million at risk from mortgage repayments timebomb
Hundreds of thousands of homeowners who opted for interest-only mortgages are facing a struggle to pay off what they owe before the loan term runs out, according to charity Citizens Advice.
Approximately 934,000 people may have to sell their homes to avoid repossession by the bank if they are unable to afford repayments – and an estimated 432,000 haven’t yet even considered how they might deal with the problem.
“People buy a home for stability, but interest-only mortgages have forced many into a financial black hole,” said Citizens Advice chief executive Gillian Guy, quoted by BBC News.
For many homeowners, a quick house sale may be needed to make sure they don’t get into difficulties with debt. If a house was bought a long time ago, it may have risen in value and allow the owner to reinvest their equity elsewhere, instead of being stuck with a mortgage that they can’t pay off.
If you’re keen to sell your house as soon as you can – and get a cash offer – please feel welcome to contact National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.