Interest only mortgage

janebroad

Hi my son has had a interest only mortgage for around 15 years tge payments are very high and hes struggled yo pay as he has 6children he was never advised to take out a endowment and only found out a coupke of years ago he needed one and the mortgage company refused to allow him to go on a pre paymenht mortgage can anyone give me some advice for him thanks

[Deleted User]

Overpay as much as he can, to replicate a repayment mortgage.

But if he's struggling to pay interest only, he would never cope with a repayment mortgage.

AnotherJoe

An endowment isn't a magical cure, it's just a different way of making repayments so, if as said by zx81, he is struggling to pay an IO mortage he wouldn't be able to pay the additional endowment either so whether it not he tries to evade responsibility by saying no one told him, he couldn't have afforded it in any case.

Also consider before you blame some one other than him for this self induced problem, he's had the benefit of a house to live in plus house price appreciation for the last 16 years.

He'll have to do some combination of earn more , move, downsize, or if that fails, go into rented when the IO ends (9 years???).