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!
remortgage/ retirement
geordon65
Posts: 1 Newbie
Hi, I have just retired on a basic state pension, our plan was to sell up and move abroad, which has now fallen through. My problem is the interest only mortgage is due for repaying and we have no money to pay it off. The property is wort over £320,000 and the mortgage is £30,000.
Any ideas, thanks.
Geordon65
Any ideas, thanks.
Geordon65
0
Comments
-
Sell up and downsize ? Somewhere nice, by the sea..?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Is it the cuurnt sale or the complete plan that has falen through?
Call the lender and ask for an extension on the term till you sell.
review the sale, might need to reduce price if you need a quicker sale
Can you still afford the interest.
If income is an issue consider lodger till sold.0 -
Just had a client in exactly this situation. We switched him to an equity release product where no payments are made until they sell or die. Only large recognised high nstreet brands should be considered for this - beware the sharks.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards