Interest only ends when I am 65

beecher2

paulo100 wrote: »

Interesting, thanks for the link.
Especially interesting that some lenders will still offer IO mortgages providing the LTV rate is no more than 50%. My LTV is around 15% so that's an definite option to consider.

so house is worth over £1million? You can't pay the £160,000 without selling but then say you have existing savings to pay it off.

Not sure what the point in this thread is when the clear advice is 'who knows, phone them and see' - OP just seems to be dragging it out in order to make some sort of point to us all.

noddynoo

I still think is bollox. If you had the money in the bank why would you have to sell up rather than just pay it as agreed when you took the mortgage out. I think the OP is fishing for solutions to a very common problem

paulo100

Noddynoo, I already acknowledged in a previous post ( I think in answer to you but I might be wrong about that) that I should have said, I don't want to pay off the loan.
Beecher2 around £1.1 mill, that's right.

holly_hobby

Yes I agree that there has been conflicting info in the thread ...

paulo100 wrote: »

If they do not allow mortgages beyond 65 what would be the likely situation, as I would not be in a position to repay the mortgage without being forced to sell my home.

As oppossed to a subsequent post ...

paulo100 wrote: »

As I have repeatedly said in previous posts, I am not in any way suggesting that I would not pay off my loan. I could pay it off now, out of my available savings.

If NW declined, I could clear the amount owing in any one of three or four ways, that's not an issue.

I have advised on info has it has come, but I agree there are continuity issues with some of the details provided ...

Anyhoo, I think this is pretty much exhausted for now (until at least NWide have delivered their decision) ...

Hope this helps

Holly

opinions4u

I think there's a trip trapping / bridge situation going on here.

noddynoo

yes pants on fire somewhere methinks

Thrugelmir

Returning to post #1. This is the crux of the matter.

If they do not allow mortgages beyond 65 what would be the likely situation, as I would not be in a position to repay the mortgage without being forced to sell my home.

Personally I believe the ball is your court. To make a decision which suits your personal circumstances. Along with your view of both the direction of the property market and interest rates. Selling an expensive property in a falling market may well prove very difficult. Given that you are the very top of the chain.

geoffken

paulo100 wrote: »

Hi
I am hoping someone will be able to give some advice on my situation, before I talk to my mortgage provider.
For reasons I don't need to go into in detail here (business failure 20 years ago) I have been on an interest only mortgage ever since.
Some 5 years ago I moved to the Nationwide and had a fixed mortgage which ran its course 3 years ago, since then I have been on a very low variable rate.
My mortgage runs it's full term when I am 65, which is in 3 years 6 months time.
My question is, will Nationwide agree to extend the mortgage beyond 65? (I will have sufficient income to cover the repayments).
If they do not allow mortgages beyond 65 what would be the likely situation, as I would not be in a position to repay the mortgage without being forced to sell my home.
Any advise would be much appreciated.

Well I do love it when a thread goes disputatious and OP goes all defensive and does not give full details.
As OP said ."as I would not be in a position to repay the mortgage without being forced to sell my home."
I gave advice "Get ready to move".
Now OP may have been lucky or wise enough to get a great 6 year rate but NOT savvy enough to have a vehicle in place to repay this DESPITE being in a VERY senior position for OVER 30 years.(is that code for earning £100,000 a year.) and possibly going bankrupt in between /business failure
He accuses us of being "drudges".
Well I retired at 58 /take 6/8 holidays a year costing approx £15.000 total and am worth more now than when I retired 11 years ago so a happy drudge.
He now has a house worth £1.2 million and can pay off the £165,000 in 3 or 4 different ways so IN THEORY has £660,000 in other savings.
All in 2 days.
Well his investment income is going to drop by a quarter when he does pay it off./
GOOD LUCK WITH NATIONWIDE!!!

TrickyDicky101

Since I was the originator of the 'funding your lifestyle' comment, I would like to make it clear this was not made with any venomous intent - indeed, I myself benefit from a similar mortgage deal with NW on their BMR rate and I can confirm the difference between this BMR rate and a more 'normal' rate I might suffer elsewhere certainly does help with 'funding my lifestyle' which includes putting food on the table for my family, paying the council tax and a myriad of other bills that need settling.

I apologise unreservedly for any unintended offence caused.

geoffken

I think the silence is deafening or is he in discussion whether to downsize or which of his £660,000 investments he may liquidate.