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Interest only mortgage
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Archerdon
Posts: 1 Newbie
A friend of mine has an interest only mortgage, she's 58 and will retire at 63; at this point she won't be able to afford it any more. Is any help available to her ?
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Comments
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Selling up and buying a cheaper property.
Selling up and renting.0 -
Presumably there was a plan at some point, knowing that the loan would have to be repaid?
There is potentially an option to take a lump sum from any pension pot to redeem (partially or fully) the loan?
There are home reversion schemes, whereby you "sell" the house to the loan company and then live in the property until death (at which point it is theirs, not your friends to leave in any will)Like all revolutions, guerrilla goodness begins slowly, with a single act. Let it be yours.
Practice random acts of kindness and senseless acts of beauty.0 -
If she has no or very little money then she can claim help with the interest on the mortgage if she is claiming pension credit.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_180321:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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