Mothers mortgage Wows

twiddlee

Hello Advice please. My mum (63) mortgage is due to be paid in full next year and she has had the DSS paying just the interest for the past few years, she was always under the impression she could extend her mortgage til she was 75 (abbey/santander) she has now been told the balance of £43K short fall is due to be paid. She has no endowment, she cashed it in 10 years ago... My mum is desperate to stay in house but has very little savings and about £90k equity... What can she do now? She does not work, and only recieves small benefits and a pension. She does not want to sell, just secure her future in the house.

ACG

Will she have a pension?
Im presuming most of the benefits will be stopping in the next couple of years as and when she effectively hits retirement age?

There are lenders that will do mortgages upto 75 or even 80. The problem is, most will insist on it being repayments which means the repayments will increase from the interest only that is being paid for her that is something your mum will have to find.

cabbage

Hi

Check mortgage rescue schemes run by your local authority. There are several types and normally she would have to see citizens advice or similar first to receive help with her finances & maximising her income

shonzyd

mortgage to be repaid next year??? why has this been left so late?

if she does not work then i doubt she can switch to repayment mortgage. im no expert but maybe her best option is to sell up. As you state, she does not work, has little savings, and cashed in the endowment some time ago.