Interest only mortgages

paulpett

Eric_Pisch wrote: »

I just think if you knocked it down a gear

Totally agree

Feisty1 -Your responses make you out to be on a crusade of some sort

If you toned it down, you may get a little more credence, as a lot of what you post (whilst valid) is getting lost in the txt spk and and the anger that comes across?

By the way - are you a broker?

Should you have a signature like the other advisers on here?

getmore4less

while the children bicker,

Here are a few other options to consider.

I would review your self employment, it may be better to change before it becomes loss making.

Can you cover all expences on one income?
This is the worst case senario that you need to plan for.

Have you looked at early retimement and moving sooner.

Depending on how far you plan to relocate is a downsize/move possible even if it means an increased commute.

Another option is to sell up now rent localy till retirement while looking for the ideal place to buy, prices will continue to fall so this could be a positive step since you will be able to move quickly who knows how long it will take to sell now or in 4 years.

You have a plan to pay back the capital by using the lump sum and selling this may be aceptable to the lender letting you go IO.

Looking forward if you are mortgage free can you live on the pension or will you still need to work, if you do planning for this in advance by looking for jobs you can do inteh potencial new area, if the self employment is relocatable this may be ok but only if it is still viable.

feisty1

Another option is to sell up now quote!!!!!!!!!!!!

?????????

beecher

feisty1 wrote: »

Another option is to sell up now quote!!!!!!!!!!!!

?????????

And perhaps this is the best option for the OP. If you think it is not, why not explain why - your opinion is really no more valid that anyone else's on here.

fluffyb

Thanks to those who tried to help me by answering my original question .

Looks like it is the way forward for us given our credit card debts too.

Our bank manager is organising a loan to pay off our credit cards and if we go for an interest free mortgage too we will be able to save enough to pay off the remainder of this loan by the time hubby retires but still be much better off each month too until then.

If we don't do this then we would have to pay off the credit card debts with the house sale anyway at a much higher interest rate being paid on the cards until then.

I feel a lot better for facing up to the debts and seeing the bank manager even though it wasn't exactly the nicest thing I have ever had to do!!!!!

Facing up to it and getting the help is a weight off your shoulders for sure :rolleyes: