Interest only mortgage

Ellie106

I am really worried and need advice. I have a mortgage with Kensington Mortgages and the rates are really high as they were the only lender who would help us ( we didn't and still don't have good credit). Due to various medical reasons we have built up arrears ( approx £20,000) and there is an arrangement in place, however we are still on an interest only mortgage, therefore in 20 years time at the ripe old age of 66, we will need to find £170,000 or be homeless. The cost of moving to a repayment mortgage is too high for us, at the moment we are paying back £1100 a month as it is. Does anyone have any suggestions, we are really worried. Thanks

~Beanie~

Can you sell up and rent? If you are paying interest on;y you are effectively renting anyway but with the added extras of having to pay for your own maintenance etc.

Thrugelmir

Downsize your property now. Or rent instead. As you need to get your finances back on track while you've still time to do something about the situation.

TrickyDicky101

What value is the current property? I'm with Beanie and Thrugs - if it's too much, hanging on to the existing property won't end well.

Ellie106

It's a 3 bed semi can't downsize and in negative equity anyway also adapted for our disabled son. Can't see a way out at all

Contemptuous

What was your original plan to pay off the mortgage?