Running Scared

cavework

We have a house on the market for offers exceeding £205,000
We have an interest only mortgage of 90K due to be paid off in 2013.
OH has had to use pension mortgage lump sum as he was made redundant twice in 3 years and is now 61, so we cannot pay this off.
He has a very small variable income from self employed business and is looking at an anuity based on ill health of approx £600 a month after July this year.
We also have a second mortgage now standing at 86K over ten years.
I am 50 this year and run my own business (partnership) .. I earn £300 per week net and have over 6 years accounts showing profits
My OH has 100K left in his pension pot.
We think the only way out is to sell and rent for the rest of our lives ..
Is there any way as a self employed person aged nearly 50 I can get a mortgage for £176K on a house with probably a real valuation of approx 200K?
Please don,t take the P ..
just asking for opinions. The house is up for sale at the moment..
PS we have no arrears on the mortgage yet .

nollag2006

Could you not just rent the place out for a few years, and live somewhere smaller until the mortgage is paid off in 2013?

JQ.

Would you be able to take in a lodger? Don't forget if you get one you don't like you can request they leave immediately - they have no tenancy rights. I had 2 lodgers to help when I bought my first house and the extra money made all the difference.

cavework

The problem is the repayments on the mortgage and secured loan would not be covered by the rental income..
I know .. we made our bed etc etc . and thanks for the advice.
I,m just wondering if there is a way I can add the secured loan to a new mortgage .(.repayment this time).. based mainly on my earnings as I am 50 this year and self employed?

cavework

JQ thanks .. but we have 2 sons still living at home .. one works and pays housekeeping , other is completing A levels and wants to join police force in August.
He does have a part time job so we don,t subsidise him...

jonewer

Sorry to hear that.

I cant believe there are still people who think high house prices are a good thing.

cavework

jonewer .. ..my parents bought their 3 bed detached for 2.5K
on a council fixed rate repayment mortgage starting in 1952.
They paid it off after 25 years in 1977.They have had no holidays since 1968 and that was Blackpool for a week.. dad worked in a factory and his private pension is minimal.
They have had to take equity release to maintain the property now they are in their 80,s. it is now worth about 210K but that is only if someone wants to pay that amount to own it.
Looking at things, perhaps selling up and renting isn,t such a bad option ..I think it may be the security thing that is making me scared...
Time to move on maybe.
x