I strongly believe 2013 is the year to become Financially Fit, if your house is not in order this is the time to turn that around.
Having worked as a mortgage and protection advisor for many years I have seen a few scenarios and had the pleasure of working with clients to make their home or investment work for them.
One issue however is causing me great concern and forcing me into action. I have two burning questions…
Are your Home Finance arrangements best for your current situation?
Do you have an interest-only mortgage?
Yes – There are thousands of people like you on an interest-only mortgage, who need to take the time to get financial advice.
Before the recession began, these types of mortgages were very popular as the monthly costs are lower than that of capital repayment mortgages.
Back in 2007 in the height of the boom, 33% of all mortgages were interest only* and a vast majority had no specific repayment plan.
My Concerns Too many are part of the ticking time bomb. I believe, there are more than 40% of 40 -55 year old who currently have an interest-only mortgage and are faced with homelessness in their later years; as they have no means to repay at the end of the term.
People are simply not prepared and homes are at risk. Read the full article HERE