Lee Sapsford, 51, has an interest-only mortgage for his semi-detached home in Essex which he bought with his wife Lucy, 50, in 2007 for £150,000. Their current outstanding balance is £154,000.
The couple usually rely on charities to pay their £970-a-month mortgage. They are currently on a three-month mortgage holiday – an agreement you might be able to make with your lender that allows you temporarily to stop or reduce your monthly mortgage – which caps their payments at £400.“I don’t know what we’ll do,” Mr Sapsford told. “I’m £300 short really. There’s another charity I’m thinking of asking to help us but it isn’t guaranteed.
When they took out their loan in 2007 it was with Southern Pacific Mortgage Loans, owned by the US investment bank Lehman Brothers, which went bust during the 2008 financial crisis.” who took out unfavourable high-interest or interest-only mortgages with lenders before the 2008 global financial crisis or shortly afterwards – before lending restrictions were tightened.
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