Interest Only Mortgage at retirement

maisie1234

I need some advice please.

We have a house worth just over £1m. Mortgage paid off in 6.5 years. Want to buy two properties when I am 59-60 (DH is a few years younger). We will live in both properties - one will be in London and the other in say Oxfordshire/Wilts.

We both work full time with excellent credit ratings. No defaults or late payments on anything! Only debt is mortgage.

I am thinking that when we look to get the two properties in anticipation of retirement we wont have enough for the sort of properties we would like.

What are the chances of getting an interest only mortgate for say 15 years for £150k at 60 years old. It would be a joint application.

We would have stacks of equity for both properties.

I guess after 15 years we would need to sell to pay back the £150k but are there any other options?

I plan to work until about 63 and then I have a final salary pension of £32k and my husband approx the same.

We have hefty school fees at present which wil continue until I am 59 so no real chance of saving that sort of amount of money.

After 15 years with two properties it might not be a bad idea to consider moving anyway and just buying one.

Thrugelmir

maisie1234 wrote: »

I guess after 15 years we would need to sell to pay back the £150k but are there any other options?

What sort of option are you hoping to find? If you intend using both properties in your retirement years. Why not just have a repayment mortgage. As I assume your other half will continue to work for some years yet.

If you are looking 6 years ahead. Then impossible to answer your general question. Anything could change in that time frame.