Re-mortgaging, worried about 5yr offer

max17

Hi

First post here!Me and my husband are 65 and he is coming close to retirement.We are currently struggling a little with our finances, and also have our house up for sale and hope to sell witihin the year, however during this time we still need to live so have decided to remortgage our house so we can have money for the next year until the house sells, we feel an £80,000 mortgage with around £20,000 to cover us for the next year.Since we are now older and my husband is not earning as well as he used to we were turned down by Nationwide and Halifax although there is a lot of Equity in the house.We then went to Woolwich who have sent us an offer for a 5 year tracker and at the end of the 5 year term we will owe around £105,000, You will have to excuse me because I am not very clued up on Morgages, how does this sound?Is there any reason why we cant get a a 1 year mortgage Fixed rate Interest only?Thank you for any help!!

sarkin

Hi Welcome to the forum

To help answer your questions we need a bit more info:

Salary
House value
Credit history

It is possible to get 1 year fixed rates but the are not very competitive.