Interest only Mortgage

Gerihow

I am 13 years into an interest only mortgage with 5 years left (2026) and then a balance of £92,000 to pay. Realising now I won’t have that amount to pay back what can I do?
We are both in poor health and now on benefits, any suggestions?

TadleyBaggie

Do you have any equity in the property? 

Thrugelmir

At least pay off what you can from the debt. 

MovingForwards

Downsize
Take in a lodger

Sell up and rent

Equity release, depending on your ages.

MWT

Gerihow said:

I am 13 years into an interest only mortgage with 5 years left (2026) and then a balance of £92,000 to pay. Realising now I won’t have that amount to pay back what can I do?
We are both in poor health and now on benefits, any suggestions?

How much do you estimate the house is worth?

How old are each of you at the moment?

enthusiasticsaver

Selling up and downsizing if you have enough equity.
Selling up and renting may be better for you as you may get help through housing benefits although having a chunk of equity if you have any may disqualify you so you need to look at that first.
Taking in a lodger and starting to repay some of that £92k may bring it down as long as that does not affect your benefits. 
Do you have a pension and will you get a lump sum from that when you reach pensionable age?  How old are you? 

This was always going to be something you were going to have to address and one reason why interest only mortgages are unpopular with lenders now.  I don't suppose you were in poor health when you took that out though.