End Of Mortgage Term What Happens

What happens at the end of your mortgage term depends on your individual circumstances, if you have a repayment mortgage and you reach the end of your mortgage term you will own your property outright, this is great news as you will have a 100% of your property equity. In most cases you will not need to do anything but you could have the option to borrow on your property in the future usually at an excellent rate as your LTV will be so low.

If you are on an interest only mortgage and have reached the end of your mortgage you will still owe the original mortgage borrowed, in this situation you will often need to take out another mortgage, this can be a problem if you are older as there are limited mortgage plans available or you could be forced to have a new mortgage over a shorter term resulting in higher monthly repayments.

Here at First Choice Finance we have some special mortgage products created to help those of us getting to the end of our interest only mortgage plans, making the new mortgage affordable.

If you’re looking for independent advice we hope you’ll find that MortgageAdviceGloucester.com is a great starting point.

Level of service

We take pride in our level of service to you our customer and the quality of our mortgage advice. As a “whole of market” mortgage provider, we can access a large number of lenders from the mortgage market, including lenders not available direct to consumers, giving you some of the very best products available to meet your needs when you reach the end of your current mortgage plan.

We recognise that taking out a new mortgage is a large commitment, it’s vital that you get the best available guidance when searching for a mortgage or re-mortgage.

What is the best mortgage for me?

There are literally countless different mortgage offers readily available from the many different financial institutions and building societies. The range of products on offer and rates available change on a day-to-day basis, as does the acceptance criteria you will need to satisfy to apply. Keeping up with the changes and different offers is near impossible without professional guidance and advice.

It’s our job to understand the complex nature of the marketplace and that this is a big and important financial decision for you. That’s why we invest the time early on to understand your needs and requirements…before making any suggestions or recommendations.

Complete our simple online enquiry form for a FREE no obligation consultation from knowledgeable, professional mortgage advisors.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.