5 years left on mortgage and I wish to remain on Interest only mortgage

AnnieOD

Not sure if anyone can advise me on my options but my mortgage expires in 5 years time and I am on interest only mortgage and wish to remain on this until end of term as I am not earning sufficient amount to pay it off as I work on zero hours contract, some weeks I don't work and on others I might work 5 hours and total amount of hours in a given month might be around 12-15 hours. I am 60 and will be retiring at 66, I have been looking for more secure work as irregular hours not good for budgeting. I have approx £7 a month to live on by time all my outgoings paid and have other loans. I also have a small pension of approx £4500 per annum. I have ruled out bankruptcy as not right for me and don't think I can claim any benefits.

AnotherJoe

When you write that your mortgage expires in 5 years time and that you wish to stay on it until end of term do you mean that its fixed rate period ends in 5 years time but the mortgage is due to run for a longer time ? Otherwise if it ends in 5 years time why don't you think you can remain on it until then ? And if the fixed rate period ends in 5 years time but it has longer to run why don't you think you can keep it going after then until it ends?

How much equity is there in the house ? Unless there a lot, selling up and renting would seem to be the most realistic option.

Thrugelmir

How will you cope with a rise in interest rates? Let alone an unexpected financial outgoing?

csgohan4

Down size an option???

silvercar

You can remain in interest only until the end of the term. What will you do at that point? With no way of repaying the capital you will then have to sell up.