interest only mortgage

kath06

Hi I have an interest only mortgage (only option on divorce to keep roof over families head) It is due to be paid off in 4 years and I have no insurance due to lack of money I am nearly retirement age as is my partner and he was made redundant due to Covid and I had to leave work many years ago  and now unable to work due to long cover  What can I do ?

[Deleted User]

If you're not able to pay it off and have no realistic chance of remortgage, then selling the property would be your primary option.

Thrugelmir

Start planning now and weighing up options for the future. 

GeordieGeorge

When you say nearly retirement age, what do you mean?

You can have a mortgage beyond state retirement age, and you’ve a few years to find work, but it sounds as though this will at best get you a few more years.

Equity release could be an option, but it depends on your ages and how much equity you have in the property.

If you give a bit more information épilé may be able to offer suggestions.

MWT

What is the house worth and how much do you need to pay off the mortgage?

yksi

Part of your planning will be to find out whether your income qualifies you for a new mortgage. I suspect you've done that and the answer is no, which means you need to think about selling it as zx81 said.