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  • Mortgages & Finance

    Interest only mortgages elephant in the room

    As many have stated in earlier posts, when the house prices are rising great, the garden is rosy.

    In the North we had the house prices go down by 30% and street terraced houses have recovered 5% if that.

    Consequently Interest  only mortgages when the term is coming to be repaid are a ticking time bomb. Fortunately \i have the savings to repay but its a bummer having to use your personal savings to repay. If your in the SE and London, great with growth, you will have done very well but the rest of the country its difficult time


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    I think there is a real North South divide on this issue

    Northern landlords should have a higher yield then the south so I think its prudent that they either save some money in an ISA or use capital and repayment




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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    But the SE has only done well on paper surely, they still need to pay the original debt or even greater debt if they have refinanced and taken out equity.

    I think someone has said this already but I feel the key really is having a plan & strategy that suits you, so you basically don't get caught out unexpectedly

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    Slowly working towards financial freedom