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Interest only mortgage due to end
Options
smygd5
Posts: 2 Newbie
Hi I was wondering if anyone can help. My mums interest only mortgage is due to end this year. She's 64 and owes £80K. She's thinking of selling up and down sizing but would rather stay where she is. She doesn't plan on giving up work but doesn't want to stay full time forever. What option's do we have. Any advise would be much appreciated. Many thanks.
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Comments
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Do you think it may be interest only, rather than interest free?0
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Whoop's interest only lol0
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What has her plan for repaying the principle been? Has she not been getting letters from the lender about this?
She may get another year from the lender but they will be wanting their money back.0 -
So has she spoken to her lender and been given any options already?I am a Mortgage Broker.
You 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 -
She may be able to get another mortgage if she is in full time work which may be cheaper for her if she is interest only and stuck on a high SVR.
Your looking for an institution which goes on intended retirement age and there are plenty of them around.0
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