interest only mortgage extensions for over 65,s

jamesd

jimmyteabag, we need to know what pensions you have for yourself and spouse, including state pension forecast, and what will survive you, whether that happens sooner or later. That will give some idea of what's possible. It's fairly likely that retirement will produce an increase in income and that as a result it will be possible to come to some arrangement with your current lender.

Knowing whether the pensions are defined benefit (old style work pensions) or defined contribution/ personal pensions also matters.

Any life assurance that may come into play, perhaps associated with a work pension?

Caution: many pensions have better death benefits associated with them that vanish as soon as you take any income from the pension. It's vital not to start taking any pension income until the whole situation has been considered.

luckyfool

A Home Reversion Plan might be suitable and is the type of Equity Release plan likely to release the most money (i.e. repay the existing mortgage). You can potentially look at doing this closer to the end of your repayment term.

You could also consider asking your current lender to extend the term if they would look at that. A good Equity Release qualified broker would probably be the best 1st port of call. I would echo Conrad's warning about not using an unreputable firm however I'm not sure why he seems to have such an attraction to Aviva recently! The key thing would be to ensure that any Equity Release provider you go with is a member of Safe Home Income Plans (or SHIP), which is the relevant trade body.