We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Big mortgages and debt in your 60's 0 advice
Cyril
Posts: 583 Forumite
Hi all,
I am posting this on behalf of my mum and her husband who are worried about the future,
Basically they met and maried late in life ( early 60's) and bought a house together with only a 10% mortgage. Mum put down the deposit from the sale of her flat and her husband, like an idiot gave away the marital home to his exwife and walked away so he was renting but his salary pays the mortgage. Mum is retired and not in the best of health so getting another job is out the question.
Anyway they are worried about how to clear a loan in excess of £100,000 in the next 10 years or so. They can just about cover their costs / outgoings now and following the advice on here I have helped with their SOA but how can they find excess to pay this mortgage which even worse is interest only.They also have CC debts which the are chipping away at.
Eeek
Anyone else have any advice or in the same boat.
I am posting this on behalf of my mum and her husband who are worried about the future,
Basically they met and maried late in life ( early 60's) and bought a house together with only a 10% mortgage. Mum put down the deposit from the sale of her flat and her husband, like an idiot gave away the marital home to his exwife and walked away so he was renting but his salary pays the mortgage. Mum is retired and not in the best of health so getting another job is out the question.
Anyway they are worried about how to clear a loan in excess of £100,000 in the next 10 years or so. They can just about cover their costs / outgoings now and following the advice on here I have helped with their SOA but how can they find excess to pay this mortgage which even worse is interest only.They also have CC debts which the are chipping away at.
Eeek
Anyone else have any advice or in the same boat.
:beer:
0
Comments
-
Hi
Can I just clarify when you say 10% mortgage, do you mean they had a 10% deposit or that they had a 90% deposit and funded the remaining 10% on a mortgage?
How much equity do they have in the house now?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Sorry, they had a 10% deposit.
The LTV is 77% so not huge equity and they'd still need a place to live.:beer:0 -
Eeek indeed, so no chance of downsizing then.
I also guess they didn't start paying into any endowment or anything when they took it on?
Did they think about how they would pay for it at the time they took it out (make any plans at all?)
Does husband have a personal pension and is he expecting a lump sum when he retires (and if so any idea how much?)
Can't really think of anything to suggest.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Yes husband has a pension plan but not sure of lump sum details. They did have an endowment but were advised to cash it in cos of poor performance. They used this money to clear a loan and are paying that loan instalment into the mortgage so doing what they can.:beer:0
-
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards