Endowment Shortfall

The Association of British Insurers state "that over the next few years, almost three million people will suffer from endowment shortfalls caused by under-performing or mis-sold endowment policies".

Many others have an interest only mortgage coming to an end with no repayment vehicle in place.

Whilst most lenders would try to assist you in this situation, many have their hands tied by no longer offering interest only mortgages or not allowing mortgages to run into retirement.

We have a number of solutions to help solve these problems:-

We have access to lenders who would let you run a mortgage into retirement until you are

aged 95.  This mortgage could be on either a capital repayment or an interest only basis.

   

We also offer lifetime mortgages where you can either choose to pay the interest monthly so          that the mortgage does not increase (interest only lifetime mortgages) or schemes that have no     compulsory payments but give you the option of making penalty free payments each year.

       

Also available are lifetime mortgages where you make no payments with all interest added to         the loan and the amount owed increasing year on year (roll-up lifetime mortgages).

Many people with endowment shortfalls are told by their existing lender that they either have to repay the borrowing via a short term expensive capital repayment mortgage or sell the property.

We are pleased to announce that there are other more affordable options which you could consider.  These options would normally also allow you to raise additional funds if required.

If you would like to discuss your individual situation and obtain your free personalised illustration to consider, please contact us on 0800 542 1719 (it's free from UK landlines).

Many people that have an interest only mortgage 

that is coming to an end plan to repay the loan by downsizing in the future, but in almost every case they would want to downsize at a time that suits them rather than just because their interest only mortgage is coming to an end.  

We will endeavour to offer you an extended mortgage facility to be able to downsize at a time of your choosing.

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Your property may be repossessed if you do not keep up repayments on your mortgage.

Think carefully before securing other debts against your home. 

Berkley Vittoria Independent Financial Services is authorised and regulated by the Financial Conduct Authority.  Our FCA number is 150186.  

The FCA does not regulate most Buy to Let mortgages.  

Registered Office:  The Stirrups, Claypit Lane, Lichfield, Staffordshire, WS14 0AQ.  

Registered in England and Wales No. 2667979

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