Interest only

Marty149

Affordable would be £520/ £550 

Grabs39

Marty149 said:

It’s knowing where to start as I’ve just turned blind eye to it over last 15 years .

Best option could be to speak to a Mortgage Advisor, who will look at your income, circumstances etc then see what sort of repayment mortgage they can get you for the next 15-20 years.  You could then compare that against other opptions, such as selling and moving.

You could ask people you know who moved or remortgaged recently if they could reccomend a mortgage advisor.

MWT

Marty149 said:

Hi guys thanks for all comments, I must say losing a bit sleep over it , Our circumstances have changed , between us 34k come in per year , this what I’m concerned about not being able to get a mortgage.

our current interest only mortgage has 14years to go , I so wish I’d never done it!  I’m currently self employed which seems to be a hurdle in its self my wife is in fulltime employment, 

It’s knowing where to start as I’ve just turned blind eye to it over last 15 years .

Depending on how long you've been self-employed and how stable your income has been, it still feels very soluble.

You may have to use some of your savings to bring down the amount you will need to borrow, but at the other end of this, once you are retired you'll still have options like downsizing or equity release to get back a decent amount of money from the property.

Right now though you need to talk to a broker, there are some very friendly ones on this group if you don't already have one in mind.

The ones on here cannot approach you directly, but you can contact them if you wish.

K_S

Marty149 said:

Hi , I’m totally in a mess don’t know which way to turn I’m 50yrs old had a interest only mortgage for last 16 years, 147,00 just buried my head in the sand , I’ve got saving of 60,000 which was for me and my wife to enjoy later life , we’re not huge earners plus we don’t really want to sell our home , just don’t what to do now at the stage where I’m starting to panic for my future!. 

Marty149 said:

House value £350,000 .. be sad if we had let it go , not sure what we would get to replace , getting quite stressed about it , not sure what we can do , feel we’ve messed up , 

Marty149 said:

Hi guys thanks for all comments, I must say losing a bit sleep over it , Our circumstances have changed , between us 34k come in per year , this what I’m concerned about not being able to get a mortgage.

our current interest only mortgage has 14years to go , I so wish I’d never done it!  I’m currently self employed which seems to be a hurdle in its self my wife is in fulltime employment, 

It’s knowing where to start as I’ve just turned blind eye to it over last 15 years .

@marty149 The positives are -

- you're only 50 so (depending on the kind of work you do and assuming your wife is no older) you *may* be eligible for a 19 year repayment term with most mainstream lenders considering lending up to 70.

- your current LTV is less than 50% (147k mortgage on a 350k property) so you have equity of around 200k

- you have savings of 60k

- if your 34k combined income can be considered (will depend on the specifics of your self employment) you could potentially expect to be able to borrow 147k on a repayment mortgage

Personally speaking, at this point, with 14 years left on the term I don't see a huge benefit to remortgaging to a repayment mortgage just to add another 5 years while locking in higher monthly payments. Unless of course your current product is super expensive (what's the interest rate?), doesn't allow any overpayments or you just don't think you have the discipline to make overpayments to bring down the capital owed over the next 14 years.

Marty149

Ok I’m so glad put this Q: to you all
Are mortgage payments aren’t high at present £340 
I do have one loan £180 per month 
I’ve been self employed for 18 years had regular work 
Feel I do have options now , people say only 50 I feel wrong side of 20 year mortgages hence my great concern, I 
don’t really want to be paying mortgage at 70 I realise I could possibly change it at somepoint maybe it’s unknown of doing this , also didn’t particularly want to put down the whole 65k but would if I had too ,  I need to get it right this time round I feel wasted many years . 

getmore4less

looking at 14y and 19years with £550pm available  that is still a struggle without paying some off.
£147k 14y 0% £875pm
£147k 19y 0% £644pm

if you are paying £340 pm now  that rate is high 2.78%  <60% LTV should be under 1.5%

which lender have you looked at retention deals? 

With £550 and 14years you need to get down around £83k to pay it off,    £64k needs paying off

Marty149

I haven’t spoke to a bank as yet , done few calculators online ,if 92k is poss on a mortgage maybe give me few pounds to do few more home improvements .., I know above say only 50 like done 60s for definite... could I pay the remaining 5 years off in equity realise or take out 100k . 

MWT

Marty149 said:

...could I pay the remaining 5 years off in equity realise or take out 100k . 

How old is your wife?

What is possible for Equity Release will depend on the age of the youngest life.

Marty149

We are both 50 with few months between us ,  hoping to speak to someone soon but current climate it’s difficult, my plan is hopefully to stay in our home , 15 yr mortgage and loot at it again at 60 , hopefully equity release to pay off , weather we could get 95k mortgage, keep back some saving see if that’s possible. 

getmore4less

One thing to look at is mortgage for as long as possible but pay as if it was shorter. 
Does need discipline to keep the payments up but give more time around 60 to review.