Mortgage Short fall

biko1967

We are coming to the end of are mortgage in 2016. Unfortunately for us we took out an endowment mortgage back in the 90's and we are £31,500 short of the amount borrowed before I call the Woolwich who we took the mortgage out with, is there any other option I should look at like speaking to any other lender and asking about a loan to cover the difference.

ACG

Speak to Woolwich, they may have something in place to help with this and it could save you making a load of phone calls.

They are not going to call the loan in tomorrow because you can not pay it back, worse case scenarion it will run until the end date. Depending on affordability and credit history there should be options.

dunstonh

You have rather buried your head in the sand over this. Its been around 15 years since you started to be warned of a shortfall. If you had overpaid the mortgage on a monthly basis from 15 years ago or put aside an extra amount, it would have cost you about £100pm.

When your mortgage payments dropped by hundreds of pounds a month, you could have used some of that.

Most lenders will allow a short term extension if you have a good record with them and move to repayment basis for that shortfall and have the income to support it. Terms of 5 years for the shortfall are typical.

Alternatively, you can remortgage to another lender and be subject to their lending criteria.