Dealing with a mortgage in retirement

jojoroel

Where can one go for advice on one's options for dealing with the balance of a mortgage in retirement?

A retired couple have been given until the end of the month to come-up with a way to pay the ~£35K balance of an interest-only mortgage that had previously come to the end of its term.

Thrugelmir

Seems late in the day to be taking the matter seriously. Decisions need to be made by the individuals concerned.

jojoroel

But where can one go for advice? Advice given previously, by the financial advisor who helped with a refinancing in the past, may not be the best advice to have been given.

TonyMMM

What method were they intending to use to pay off the capital - was an endowment policy in place, or were they planning to downsize etc. ?

They must have had some plan in place ?

King_Slayer

Maybe to sell and downside if possible. As not certain of eligibility of a loan.

sleepless_saver

Maybe have a look at this Money Advice Service info on mortgage shortfalls (pdf file). It describes the options and where to go for advice.

Let_Us_See

A little more information would help!

Their ages?
Their guaranteed income in retirement?
Value of their property?
Would they consider downsizing or do they wish to remain in current home?