Expired Mortgage Terms

Many homeowners face losing their property because of expired mortgage terms, particularly if lenders refuse to extend the mortgage term. If your mortgage is due to expire soon or has already expired, HomeKeep Solutions can help you remedy the situation.

“I was near breaking point by the time I called HomeKeep Solutions and I’m eternally grateful for the compassionate advice they gave me.” – Shirley L

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What to Do if Your Mortgage Term Is Due to Expire

If your mortgage term is due to expire and you won’t have paid off the full loan amount by the term the expiration date comes around, there are various steps you can take to protect your home, including:

How to Deal with a Court Hearing

There are three main ways you can respond to a repossession court hearing:

  • 1

    Talk to Your Lender: Communication is key to finding a solution and talking to your lender will give you an opportunity to negotiate with them. You may be able to extend the term of your mortgage or restructure the mortgage to adjust your repayments.

  • 2

    Find Out How Much You Owe: Many people are unaware that they will still owe money when their mortgage term expires. Finding out what the outstanding debt is will enable you to determine how you can repay the funds or assess how long you’ll need to make appropriate repayments.

  • 3

    Contact HomeKeep Solutions: If your mortgage is due to expire or you’re facing repossession due to expired mortgage terms, call HomeKeep Solutions now. Our team is available 24/7 and we can help you to keep your property with no upfront fees.

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What Happens When My Mortgage Term Expires?

If you have a repayment mortgage, the debt should be paid off when the mortgage term expires. However, if there are arrears or if extra charges have been added during the course of the mortgage, there may still be debt outstanding at the time the mortgage term expires.

If so, you’ll be liable to repay the outstanding amount in full when the mortgage term ends unless you can negotiate alternative repayment terms with your lender.

What Happens When an Interest-only Mortgage Comes to an End?

When an interest-only mortgage comes to an end, the borrower is liable to pay off the full loan amount. 

Of course, very few people have the funds available to repay a mortgage in one lump sum, which can mean they face losing their home and the property being repossessed. The popularity of interest-only mortgages in the late 2000s – early 2010s means many homeowners are now facing financial worries as their mortgage term expiration date gets closer.

To find out how to prevent repossession due to expired mortgage terms, contact HomeKeep Solutions now.

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FAQ

This can happen for two reasons:

  1. Mortgage Arrears and Charges: If you were in mortgage arrears at any time during the mortgage term and you have yet to clear these arrears, money may be outstanding when your mortgage comes to an end. Similarly, if charges were added to your account during the mortgage term and these haven’t been paid off, you’ll be liable to pay them when your mortgage term expires.
  2. Interest-only Mortgage: An interest-only mortgage can be a great way to reduce your monthly repayments, but it does mean that you’re not repaying the capital. If you borrow £200,000 and make interest-only repayments throughout the entire mortgage, for example, you’ll still owe £200,000 (the capital) once the mortgage term expires.

Interest-only mortgages were particularly popular before the 2008 financial crisis, as lenders made them easily available to borrowers. The lure of low monthly repayments meant that many homeowners were tempted to agree to interest-only mortgage terms.

Now that many of these mortgage terms are expiring, we’re seeing the negative consequences that can arise from interest-only repayment terms. If lenders are unwilling to extend the term, they will expect you to repay the loan in full or repossess your property to recoup their funds.

Fortunately, HomeKeep Solutions can help you protect your home, even if your mortgage term has expired. Contact our experienced team now to find out what your options are.

Following the 2008 financial crisis, tighter mortgage regulations were put in place and lenders implemented stricter lending policies. As a result, it’s now harder to obtain a mortgage and more difficult to get your mortgage term extended.

Despite this, there are options available that can help you to keep your home, even if your lender refuses to extend the term of your mortgage. Call HomeKeep Solutions now to find out more.

Our Reviews

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“I was days away from eviction when I called HomeKeep Solutions and was convinced there was no hope but, to my surprise, you stopped the eviction and made sure I’d be able to stay in my home. Your friendly, professional advice made a world of difference during such a stressful period in my life, and I’ll never forget the help you provided.”
Lloyd S
“I can’t thank you enough for helping me keep my home! I’d had no luck trying to reason with my mortgage lenders, but the HomeKeep Solutions team acted quickly and negotiated a long-term payment plan that’s affordable and realistic. As a result, I’m no longer facing repossession, an enormous amount of stress has been lifted and I can begin enjoying life again.”
John O
“I’m so grateful to the HomeKeep Solutions team for helping me keep my home and supporting me when I had nowhere else to turn. I was convinced my home would be repossessed but, thanks to you, I’m back on track and secure in my own home.”
Taylor P
“I was near breaking point by the time I called HomeKeep Solutions and I’m eternally grateful for the compassionate advice they gave me. Within days, their team had stopped my eviction and given me respite in the most difficult of circumstances. Now, I can look forward to a bright future – in my own home!”
Shirley L
“I thought I’d exhausted all my options and was doomed to failure but HomeKeep Solutions quickly resolved the situation and negotiated with my lender. Not only can I stay in my home, but I can face the future knowing that my property is no longer under threat of being repossessed. Thank you.”
Aidan B
“I didn’t know where to turn for help when a repossession order was granted but your team was instrumental in stopping the repossession and helping me to keep my property. I don’t know where I would be without you and I’m eternally grateful for your expert advice and knowledgeable support.”
Neil S

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