Re-mortgaging Advice Please

MDG

Evening all,

Firstly, hello to all members.:wave:

Secondly, I apologise in advance if what I write doesn't use the correct 'terminology' as this is all new to me.

I'm asking on behalf of my mother so bare with me.

Current situation is as follows:

Mortgage term ends March 2014
Currently interest only with the BOI
Total mortgage amount £54,000
Current property value is £100,000-£110,000
Current income circa £20,000
Mortgage endowment policy to pay around £12,000 come March 2014 which she intends to use to reduce the re-mortgage

Can anyone advise what would be the best thing to do?
Will she have any difficulty in being aged 48 come March 2014?
Should she be re-mortgaging now?

Thanks in advance.

hcb42

she should be able to remortgage, and should start considering how to start to pay off the capital now.