Help - End of term

cjane

HELP NEEDED - The term of my mortgage has ended and was linked to an endownment which because of the bad payout I used to pay off a second mortgage and loan I had for an extension to my house. I have just over 35K left to pay off.
I am 58 and currently unemployed and don't know what to do. I have a pension with a previous employer which I have had a early forecast which could pay off the mortgage but I don't know how this would 1) affect JSA and 2) whether I would be able to get the whole amount to pay off the mortgage.
Really I need some financial Mortgage/Pension advice but because of my situation I can't afford to pay for any. Anyone know what I could do apart from sell my house which is probably worth approx 160k+

ACG

Equity release may be an option?

cjane

Sorry but I've looked into this and it's something that I would not want to do.

BoGoF

You may not have a choice if you want to keep the house.

If you are considering accessing your pension then ask DWP what the implications are. If you have had a forecast surely you know if it's enough to clear the mortgage.

ACG

Your options are going to be:
1) Dipping your pension.
2) Trying to pass affordability on benefits/pension.
3) Equity release.
4) Selling up.

With such limited information it is impossible to say which of those are real options bar selling up. You need to sit down and get advice geared to you rather than generic.

In terms of benefits, chances are if you have no/limited savings then it is unlikely they will be affected, but you could speak to the DWP to see what they say or check on the gov website.

cjane

I have an appointment with Pension Wise to go through things with them. Thank you for your comments

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5628159/unemployed

What have you been doing since you realised this 2 years ago?