If you have an Interest-Only mortgage the Society will write to you at intervals during the mortgage term to remind you that your minimum monthly payment due to the Society covers only the interest charged on your mortgage.
We will also remind you that it is your responsibility to ensure that you have the means available to fully repay the capital balance of your mortgage by the end of the mortgage term.
If you do not know how the capital balance will be repaid, or if at any time during the term of your mortgage you become aware that your capital repayment vehicle will not produce sufficient funds to fully repay the mortgage by the end of the term you should contact the Society’s Mortgage Department on 01455 894039 to discuss how we might amend your mortgage to assist you with this.
Additional information about Interest-Only mortgages and how to deal with any shortfall in your mortgage repayment vehicle is available from the Money Advice Service by clicking here.
You may also find the following Money Advice leaflets useful: