Mortgages are termed loans which will need to be repaid throughout the term in instalments or at the end when the capital sum is due to be repaid. Whichever method the loan needs to be serviced and the debt repaid. These days more and more people are reaching retirement with outstanding mortgages needing repayment, this is in part to endowment mortgages that did not fulfil their promises of covering the whole mortgage sum, and a society which has become far more indebted than previous generations.
It is important to know exactly what you will owe and when and ensure that you have the means by which to clear this. Careful planning and allocation of funds to meet these needs either regularly or as a lump sum when required.
Review your mortgage to ensure that its demands still suit your requirements.
Affordability of regular payments/overpayments.
Savings and investments earmarked for paying of mortgages should be reviewed and monitored.
Downsizing maybe an option to clear debt and this will need planning and advice to achieve successfully.
Please email or call Alison (07496 689 309) or Adrian (07725 343 815) for a no obligation review of your circumstances.