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Mortgage prisoner

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  • Mortgage prisoner

    Mortgage originally with UBS AG, but this company old out the mortgage without any chance for the mortgage holder to review their mortgage. UBS refused to allow the mortgage holder change a repayment mortgage. Mortgage holder had to stay on an interest only mortgage with Mars Capital.

    Age of Mortgage holder is 65 and outstanding interest only mortgage is very large.

    Any ideas as to what the mortgage holder can do to get out of this trap?

    Tags: None

  • #2
    Your choices are
    1) remortgage with an interest only mortgage or repayment mortgage with a specialist lender
    2)take out an equity release to pay off the mortgage
    3) sell up and downsize

    A lot will depend on the amount of equity you have in the property and your income.
    You probably need to speak with a financial adviser (or two!)

    Comment


    • #3
      My friends found themselves in a very difficult situation with a mortgage loan. Due to the fact that her husband fell ill with COVID-19, they could not pay off the debt every month. Thus, large percentages have been accumulated and now they are in big problems. How to act in such a situation?

      Comment


      • #4
        Originally posted by Sidiusss View Post
        My friends found themselves in a very difficult situation with a mortgage loan. Due to the fact that her husband fell ill with COVID-19, they could not pay off the debt every month. Thus, large percentages have been accumulated and now they are in big problems. How to act in such a situation?
        During the year, they were heavily in debt, and if they cannot solve their problems quickly, they will lose the house that was mortgaged. This year I also considered getting a mortgage loan, but I would like to choose good terms of the deal for myself. I've read a lot about later life lending and think this is the best deal. Has anyone tried this method, please share your opinion? Thanks!

        Comment

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