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606363
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606363
Posts: 1 Newbie
Coming to the end of my current int only mortgage. 69 yrs old and not any provable income. Have investments to pay my monthly bills. Has anyone any ide of how to deal wit lender when they request repayment of mortgage
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Sell your investements to pay it off?I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0
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They are going to want their money.
Your options are quite limited, you have left it a little late to start thinking about it.
Sell investments, but that then reduces your income.
Sell up and downsize/downgrade.
You might be able to try and and find a lender who will allow you to put it on repayment but term is going to be limited to 5-10 years max and payments are likely to be quite high.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Did you have some kind of repayment plan originally? An endowment etc?"'Cause it's a bittersweet symphony, this life
Try to make ends meet
You're a slave to money then you die"0 -
You could consider an equity release mortgage, designed for people in your situation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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