remortgaging/lifetime mortgages

Trishany

My husband is 63 and I am 57. We currently have a £52,000 mortgage with 8 years left to run, the monthly repayment being £643. My husband retires next year and we will be unable to meet the monthly payments. Do we have any other options other than selling up and renting somewhere? I would be grateful for any advice. Thank you.

holly_hobby

What is your mge repayment type (capital & interest or interest only).

I would also say that, if on interest only, and if there is to be no improvement to your household income, at any stage post hubby's retirement - then entering into a repayment arrangement with the lender will not be an option.

Your age may be a little young for a lot of the lifetime mge providers, but you may want to have a look at Aviva Equity relase/lifetime mortgages - where their lifeime mge has a min age of 55 (min propety value 75k)- and you can speak to them diretcly.

Link for you ref = http://www.aviva.co.uk/equity-release/lifetime-mortgage.html.

PLEASE NOTE, THE LINK I HAVE ATTACHED IS FOR REF - I AM NOT RECOMMENDING THIS PROVIDER NOR IN ANY WAY STATING THAT THEY ARE SUITABLE TO YOUR REQUIREMENTS.

This is a specalist area - any broker you speak to should hold the Certificate In Equity Release to demonstrate they are appropriately qualified and knowledgeable in this area - please ensure that should you seek advice from a whole of market or any broker, that you have verified they hold this qualification & have suitable experience in this area.

Although qualified to give such advice (which I also audit), I do feel you need to sit down with an adviser, and discuss both the advantages and disadvantages of such a scheme - including the possible exclusion from means tested benefits and other available state assistance. Please also ensure that you fully involve and discuss the matter with your family at all stages.

Alternatively, selling up and moving into rented may be the best option (don't forget you may get financial assitance with your rent dependant upon your financial circs).

Hope this helps

Holly