To Remortgage or Not to Remortgage!

ronno1

Hi looking for some advice,
I have 49,000 left to repay on my mortgage which made up of repayment mortgage and Interest only. It is due to finish July 2022, but unfortunately there will be £23,000 left on the Capital only part of the mortgage and I haven't made any provision to be able to repay this.
I have consulted a financial advisor and they have said I could remortgage to cover the interest only but the minimum mortgage term would be 4 years, so in essence I would have to work for another 4 years. I am 65yrs old. My mortgage is with Natwest and they have been less than helpful in the past, and I don't have a good credit history.
My thoughts were perhaps I just continue to pay my mortgage payments for 12 months and pay the 23,000 in that way ( I currently pay 2,000 a month) or do you think Natwest will try to repossess the house because I don't pay 23,000 immediately.

dimbo61

Natwest have got to be seen to be fair to customers.
If you continue to pay £2,000 a month in repayments I can't see them starting repossession measures.
You may well be put on the SVR  but if you knocking off £2,000 a month you won't pay much interest.
Your lender may offer you another deal for say 2 years but you need to talk to them direct