badgers12

badgers12

spent £40000 on home inprovments, no loans cash only

new heating ,cavity insurlation,loft insurlation and ,new conservitory,old one melted with sun,

this was because i was advised because of very low interest rates, and it payed off,

supervised all work myself,did alot of work my self,only brought poeple in for bricklaying and plastering,cost if builders in £115000, all work past by local council did not wast it invested it, it took me six month too complete

ViolaLass

But that's an investment that is only going to pay off for you if you sell the property. Otherwise, the fact that it's worth more isn't any use to you at all and you will have effectively wasted the money.

ch3101

It seems, to be rather blunt, that you've gotten yourself in a pickle here.

What were your plans to pay the mortgage off?

Or did you plan on saving the money up, which you did, then just decide you'd rather sell a nice house than live in one that needs a little work?

badgers12

the longer you have something that is gaining at about 7%per annual is better than some thing that is only making 1 or 3%
the longer i keep it the more it gains another 3 years would just about do it then downsize,

badgers12

the present house was not built when i bought it ,it was just a drawing on a plan, saw it being built to the way i wanted it.

a once in a life time experiance.

i have options which i can take ,sell downsize,equity release,

or move out and rent it off,

but just thought i would see what other personnel in the same

position would do, or have done ,

Let_Us_See

To answer your original question, it is possible to clear the outstanding borrowing balance by downsizing, or if you wish to remain living in the property, a lifetime mortgage.

These day lifetime mortgage interest rates are more competitive, and you have the option of servicing the monthly interest charge (therefore, not increasing your borrowing and maintaining equity in your property), or making no monthly payment and letting the interest compound.

betmunch

Why do you say you cant get a mortgage at 72? Who told you this?

I have just done the research for someone looking to remortgage who is 71 next birthday and we are looking at a 14 year term for him.

Personally I dont know why there is so much discussion about why didnt you do this or that.

The facts are, your age isnt stopping you getting a mortgage, and you need at least £33,000 on a repayment basis.

Go and see a reputable local broker and you should be OK

TrickyDicky101

Do you have children who could help pay the outstanding mortgage? It would likely be a cheaper option than a lifetime mortgage and wouldn't put 'their' inheritance at risk if such was a consideration.

betmunch

TrickyDicky101 wrote: »

Do you have children who could help pay the outstanding mortgage? It would likely be a cheaper option than a lifetime mortgage and wouldn't put 'their' inheritance at risk if such was a consideration.

Just to be clear, I'm not talking about a lifetime mortgage.

I'm talking common or garden capital and interest mortgage.

TrickyDicky101

betmunch wrote: »

Just to be clear, I'm not talking about a lifetime mortgage.

I'm talking common or garden capital and interest mortgage.

In turn, I hadn't seen your post when I posted
Good to know there are 'normal' mortgage options available for the OP.
I agree that there were a lot of judgmental comments being made on the thread that didn't really help the OP at all.