Interest-only mortgage - shortfall worry.

ukcarper

There is another thread about mortgages for over 65s

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A_Nice_Englishman wrote: »

Once the OP turns 60, he will probably qualify for social housing regardless of income/capital. He could sell up and live off his capital, or carry on working and keep the capital to pay for care if he needs it later on.

I don't think this is the case now.

If he sells up, he will be classed as being intentionally homeless, LA's do not have an obligation to house anyone in this catergory now.
Besides, who'd give up a decent house to live in a council flat (no disrespect to council tenants!) at 60

michael1983l

He could always rent out a spare room to a tennant and use this money to pay a repayment mortgage

Pianoman_2

Thanks for your replies and thanks also for the replies with 'added salt' for my much deserved wounds.;)

At the moment, I'm quite content paying less than £150 a month to live in my current home and have no intention of moving and having to dole out £600 dead money every month.

If/when the proverbial hits the fan, I'll probably just buy a campervan, a plot of land, and a few hundred straw bales to start my next project.