times running out

hoppi

I need help and advice about my mortgage.I am a 56yr old nurse, with a £40,000 mortgage which is with my bank HSBC.I have it over the next 4 years on an interest only payment (this is the only way I can afford payments as my husband was disabled out of his job last year. I took this mortgage out only one year ago.In 4 years I will be 60 and I will still have £40,000 to repay. We love our house but I realy don't know what to do.HELP please.Any advice? I do not want to spend the next 4 years worrying.

Bermuda_John

you could do one of the sale and rent back things but they are a bit shady in that you have no control over the house

at any point they can up the rent and usually buy it at 70% value

socrates

hoppi wrote: »

I need help and advice about my mortgage.I am a 56yr old nurse, with a £40,000 mortgage which is with my bank HSBC.I have it over the next 4 years on an interest only payment (this is the only way I can afford payments as my husband was disabled out of his job last year. I took this mortgage out only one year ago.In 4 years I will be 60 and I will still have £40,000 to repay. We love our house but I realy don't know what to do.HELP please.Any advice? I do not want to spend the next 4 years worrying.

Please do not take this the wrong way - unless you increase your income there is nothing you can do - have you considered using your skills to take on some extra hours via a nursing agency - I know you probably work very hard already.

The only other thing you might consider is asking HSBC to keep the payments at the same level BUT extend the period to tie in with your retirement and switch it to part capital repayment

opinions4u

hoppi wrote: »

I need help and advice about my mortgage.I am a 56yr old nurse, with a £40,000 mortgage which is with my bank HSBC.I have it over the next 4 years on an interest only payment (this is the only way I can afford payments as my husband was disabled out of his job last year. I took this mortgage out only one year ago.In 4 years I will be 60 and I will still have £40,000 to repay. We love our house but I realy don't know what to do.HELP please.Any advice? I do not want to spend the next 4 years worrying.

Options:

1. Can you pay slightly more than the interest only figure? This will get the debt down a bit?

2. Sell up and rent (or move to a house worth £40k-£50k less).

3. Can you afford the interest only payments once you both retire? Would your lender consider allowing you to remain on interest only forever? Will you get any lump sum on retirement?

4. Move your mortgage to a lender who would allow you to be on interest only forever. See a whole of market mortgage adviser to find out what schemes currently exist.

5. Benefits: Are you getting all the state benefits that your situation qualifies for?

Ian_Griffiths_Halifax

How long have you been a nurse? You will receive a Tax Free Lump Sum on retirement and can reduce the mortgage balance with this. Check with your Pay/Pensions?HR department to find out what you are likely to get.

Also, does you husband have any old pensions that may also give a lump sum on retirement?