extending interest motgage

golfer333

Hello,

age 64 & 62 have 84k int only mge repayable nov 14 with woolwich,
wrote asking to extend until I intend to retire apr 17.

Home value say 270k.

reply, ring us to discuss and assess via an expenditure calculator.

income 1579 pm outgoings 1444 pm. existing rate .19 above br therefore 0.69 £48 per month.

Have another property mortgage free worth 80k on market, but no interest and may not sell before mortgage due to be repaid.

I should be grateful if anyone could advise what the woolwich stance will be when I contact them with request to extend existing deal to April 17 as we do not wish to downsize if at all possible. Have been with Barclays since 1966 and never had any problems repaying loans etc.

Many thanks in anticipation of your help with this query

shop-to-drop

Have you thought about putting your other property up for auction? Since you would then have close to enough to settle at end of mortgage term, I'm sure raising the shortfall would be relatively easy one way or another since you will still be working for a few years. Seems like the most stress free solution to me.

golfer333

thanks shop to drop

do not want any shortfall, want to extend until 2017 - what will be the woolwich stance to our request?.

what is there criteria for such requests?

will they be sympathetic because of long term relationship? continue with present very good deal or sanction a new deal in Nov or just say it has to be repaid period?

thanks in anticipation again to anyone with any suggestions.

Imma_Number

What is your plan to pay off the mortgage?

If the house sold today for 80K you'd still have a shortfall from the 84K.

What will you be doing between now and Apr 2017 towards paying off the mortgage that might convince the Woolwich to grant your request?

golfer333

do not want any shortfall, want to extend until 2017 - what will be the woolwich stance to our request?.

what is there criteria for such requests?

will they be sympathetic because of long term relationship? continue with present very good deal or sanction a new deal in Nov or just say it has to be repaid period?

thanks in anticipation again to anyone with any suggestions

Imma_Number

Here, try reading these threads about how other people have got on asking for extensions to their IO mortgages.
https://forums.moneysavingexpert.com/discussion/4783279
https://forums.moneysavingexpert.com/discussion/4796450
https://forums.moneysavingexpert.com/discussion/4747627

Also perhaps ask on the Mortgages & Endowments forum rather than here. M&E will have brokers reading it rather than those on the MFW trail.