Not a great birthday present!
Many of us understand why they have done this, but the reality is, this will hit the market hard. Others will follow suit and before you know it and another product that offered a viable, sound solution to some clients’ needs is made a thing of the past.
Quite often, I’ll celebrate my birthday with a few beers and a bit of karaoke.
This year, my take on Frank Sinatra’s My Way will undoubtedly have a twist.
It will go something like this, feel free to have a sing-along:
And now, the end is here
And so its faced, the final curtain
Interest-only, will disappear
I’ll submit my case, before its returned.
It lived a life that’s full
Being sold by brokers widely
But now, despite all this
It’s bye interest-only.
Regrets, we’ve had a few
But then again, too few to mention.
We did, what we had to do
Using ISAs, even pensions.
We planned the perfect route
Repayment vehicles that were timely
But now, despite all this
It’s bye, interest-only.
Yes there were times, I’m sure you knew
A client wanted more than they could chew
But through it all, when there was doubt
We’d do a fact find and sort it out
We faced it all, and we stood tall and went interest-only.
I’ve loved, I’ve laughed and cried
At suitable repayment vehicles.
And now, as tears subside, we must admit we can’t do miracles.
To think I did all that,
And may I say, that brokers widely
Will miss, the USPs of interest-only.
For what is a broker, what have they got.
Without any options, well not a lot.
To give advice that they do feel
Will leave a mortgage debt of nil.
The record shows, a broker knows and went interest-only.
Goodbye interest-ooooooooonly.
