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Landmark Interest only Mortgages

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  • Landmark Interest only Mortgages

    Hi everyone

    I am getting very concerned and sleepless nights with the impending end of my Interest only Mtg in 7 years time. I have seen treads on here especially following the recent panorama programme, but does anyone know the government or anyone is trying to address this to save thousands of us being evicted at the end of the mortgage term. We took a 110%, interest only mtg with a 3 year fixed interest rate with a view to changing to a repayment. However with 6 months left to go on fixed term, Northern Rock collapsed, we lost what little equity we had and ended up in negative equity so couldn't get a mtg anywhere else. We are in our late 50's, so a new mtg would double our repayments which we can't afford. I just want to carry on paying interest only until I decide to sell rather than be evicted. Does anyone know if Landmark are evicting homeowners at the end of the mtg period?
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  • #2
    The FCA are trying to allow more flexibility on affordability in these cases - https://www.bbc.co.uk/news/business-46821660 - however your main issue is that you have stuck with an interest only mortgage due to being unable to move to repayment due to the collapse. Landmark, and the regulators, are well aware of the issue - they may be able to extend your mortgage term, although it sounds like your mortgage runs until you are 65 already ? http://www.landmarkmortgages.com/mor.../interest-only

    As you have a 110% mortgage was there additional borrowing ? if so how approx how much ( over £25k ? ) - was it a 'Together' mortgage originally ?

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