What are your options if your interest only term is expiring?
Most investors and some homeowners have interest only loans. However, the option to repay interest only doesn’t last forever. Most mortgages have a term of 30 years. Typically, the first 5 years is interest only. After that term has expired, repayments automatically convert to principal plus interest.If you have an interest only loan that is approaching the maturity of its term, what are your options?The government forced banks to curb interest only loansThe volume of interest only mortgages peaked in early 2017 when they accounted for approximately 40% of all new mortgages. The government…
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