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John Green
John has been retired for 4 years he met his wife and they married when he was 40 and he and his wife purchased their 1st home together. At the time Mr & Mrs Green opted for an interest only mortgage as this allowed them to buy a larger property in a more sought-after location. Their plan was to downsize when the mortgage term came to an end.
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Mr & Mrs Jones
Mr & Mrs Jones are a retired couple, with no children. They live in Cheshire in a property worth £300,000. They are fortunate in that they both worked for the same company all their life, and therefore they both have good occupational pensions which are linked to RPI. They have a high disposable income. However, they need to repay their interest only mortgage, as it has come to an end and they still owe £130,000.
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Margaret Davis
Margaret was married to George who was 68 and they had an interest only mortgage. George retired on his 68th birthday and their mortgage was due to end, however, they had no provision in place to repay the mortgage and when the interest only feature expired the bank allowed the couple to extend the term for a further 2 years. Sadly, George passed away suddenly and Margaret is now left with a debt she is unable to repay.
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