When a client leaves their home because they need to go into Long Term Care or they die, there is no Early repayment penalty. Recently clients needed funds to repay their interest-only mortgage. I researched the lowest rate available but there was a complicated calculation required to confirm the Early Repayment Charge. This involved the FTSE UK Gilts 15 Years Yield Index. If the Index is lower at the time they want to repay and they don’t qualify for a free repayment and the Index is lower than at the time they bought the plan then they will be penalised. They are unable to tell today what … [Read more...] about Early Repayment penalties and the plans that suit best
Suppose you have borrowed money from a Bank and they want the loan returned because you have reached a certain age and you don't have the capital to repay them. You may have the capital but if you repay them - it will create a deep feeling of worry? Now we have found a solution for you by using equity release. As banks don't offer equity release it's unlikely that they are going to be able to help you - but we can Let us explain this to you..... "INTEREST ONLY" MORTGAGES REACHING THE END OF THEIR TERM. So what can you do where there is "No repayment vehicle"? The answer? … [Read more...] about The Bank want their loan repaid!