I seen a question raised on Exit Strategies on another thread - but I did not see a good answer. The question posed , is what happens at the end of the mortgage term ? Say you have 10 properties , and all the mortgage terms expire in 2020 - What are your options ?
Consider that it might not be a simple option to just remortgage:
1. For example you might be age 65 in 2020 and the Lender may refuse you a loan based on this . Even if you are young enough , they may decide just not to offer you loan for a variety of other reasons . 2. What about the situation where they did offer you a loan , but on on unfavorable terms ? Currently I have a lot of loans with a lender , and they are mostly past their fixed rate period. The reversion rate is Libor +1.5% - which is very favorable . At the end of the current term - Can they just enforce a new rate ? Or can they demand full repayment ?
