Long fixed rate when getting older

dimbo61

So you have been paying an interest only mortgage for 12 years and have during that time struggled with your finances.
" a few nasties on your credit file " and going bankrupt in 2010
Hopefully things are better now however you work in construction and security.
No work No Pay ?
A 5 year fix Repayment should give you long term security and be the best bet for getting a mortgage " with a high street lender "
You really need to clear the mortgage before you retire as I guess your pensions won't be great ?
Please overpay the mortgage every month without fail while your earning a good wage.
Old age is not much fun if your struggling to keep a roof over your head

takman

How are you planning to repay the mortgage when it ends? If you went bankrupt in 2010 you obviously had no money put away to pay off the mortgage so it seems silly being interest only for so long?

Samsung_Note2

Hopefully clarify the three questions above....

getmoreforless.

No what i meant was i could afford up to £800 a month whilst the term was fixed as in 2/3/5 years ect ,obviously expect to pay more than we are now,if that makes sense and that is a figure id like to keep under.
If that allowed an over payment or shorter term but higher monthly rate its not an issue.

Dimbo61.

God no we had good old NRAM Together Mortgage which was repayment until when i was made redundant,although we kept the house it was an obvious move to go interest only to make sure the little we had coming in went to mortgage.
Flip side of that is being stuck with an iffy credit file for 6 years..add in two CCJ"s for water company (leaking meter which made bills 4-5 times average family would pay..only after ccj"s they found fault and paid me compensation)
Yes thats correct no work no pay in both roles i do..so getting mortgage paid off would be nice.

Takman

.Plan on paying mortgage with repayment..reasons for such a long interest only (since 2011) has been credit history as above.
Cant put money away when you have no income...had ESA from 2010 to 2013 and since 2013 have been paying all bills and rebuilding credit history.

Retirement isnt going to be a huge issue as i cant see me stopping from some form of work and wife has a nice house (no mortgage) back home in her country,so in that respect worst case we could sell up..pay whats owed and take a lump over there to live,currently approx 60k plus equity,although who knows what that could be in 10/15/20 yrs time.

Hence question about remortgage and whats best option regards longer term or short term given the amount owed and ages.