Concerned

Muscle750

We are 54 years old and have approx £95k outstanding on the mortgage which £35k is interest only. I had plans in place to cover this however its increasingly looking they wont mature. The house is worth £290k. My deal with santander is up in May so im now left with no option but to put the whole amount on a repayment which by then and if i add abit etc would be £90k.
I earn just over £30k a year gross and my wife is now working PT due to ill health and earns £9k a year gross.
Presently im paying just on 650 a month on mortgage My concern is that santander may not entertain me going on repayment due to my wifes low income and our age the mortgage as it is has 10 years left.
I thought about going elsewhere first to my bank NW see what they can offer etc. If my wife was FT and earning the money she was then i wouldnt be so concerned to a point. Im just concerned they will say that we will obviously have to re apply for a new product so to speak and wont meet the criteria which will leave me with little option but to carry on as we are for another few years etc.

LRmortgage

Not enough info to give you a proper answer.
But depending on your commitments (any loan, credit cards, dependents etc) the. £39k joint income should be fine to remortgage with most lenders to raise £90 - £95k and get it on a repayment basis.
You could probably also extend the term a little if you wanted.
Speak to a broker and they will be able to give you full advice.

getmore4less

You could just overpay, might be better than being committed to a higher payment.