What can I Do??

Linda_Dobson

Hi, I had an endowment mortgage that didn't pay out what we were advised and although we tried to put in a claim we got nothing back

We are now at the end of our fixed rate deal and our provider will not give us a new deal as there is only 14 months left on our original term
We cannot afford to pay off the mortgage and are fit, able and still in full time employment and so would like to extend our term and start to pay off the capital over the next say 5-10 years.
As we are all living longer why are we penalised because of our age
I feel like we are being forced to give up our home that has been in the family for over 300 years
Is there anything we can do
Are there any providers who are willing to help us - or would consider us
We are 64 years of age
Any advice appreciated as I don't know where to turn

comeandgo

It can’t just be your age as our mortgage was set for us being 75. 

K_S

@linda_dobson Sorry to hear about the end-of-term issues on your I/O mortgage.

If staying with your current lender is not an option, have you looked at whether it is possible to remortgage to another lender on a capital repayment basis? Whether this is possible will depend on the numbers - loan amount required and income essentially.

Windofchange

Why is there a mortgage on a home that has been in the family for 300 years? Was it not handed to you brought and paid for!? 

lonibra

Windofchange said:

Why is there a mortgage on a home that has been in the family for 300 years? Was it not handed to you brought and paid for!? 

How is that relevant to a resolution to the OP's current situation?

lonibra

Linda_Dobson said:

Hi, I had an endowment mortgage that didn't pay out what we were advised and although we tried to put in a claim we got nothing back

We are now at the end of our fixed rate deal and our provider will not give us a new deal as there is only 14 months left on our original term
We cannot afford to pay off the mortgage and are fit, able and still in full time employment and so would like to extend our term and start to pay off the capital over the next say 5-10 years.
As we are all living longer why are we penalised because of our age
I feel like we are being forced to give up our home that has been in the family for over 300 years
Is there anything we can do
Are there any providers who are willing to help us - or would consider us
We are 64 years of age
Any advice appreciated as I don't know where to turn

OP - speak to an MB to understand your options. There are banks who can even go to 75-80 years on the maximum term if your job allows. 

Windofchange

lonibra said:

Windofchange said:

Why is there a mortgage on a home that has been in the family for 300 years? Was it not handed to you brought and paid for!? 

How is that relevant to a resolution to the OP's current situation?

Because they state they are being forced to give up their house. It would be interesting to understand the full picture before commenting, because if the property as been handed down for generations then I’d be willing to bet there is a bit more to this than meets the eye. 

Edi81

Windofchange said:

lonibra said:

Windofchange said:

Why is there a mortgage on a home that has been in the family for 300 years? Was it not handed to you brought and paid for!? 

How is that relevant to a resolution to the OP's current situation?

Because they state they are being forced to give up their house. It would be interesting to understand the full picture before commenting, because if the property as been handed down for generations then I’d be willing to bet there is a bit more to this than meets the eye. 

Not forgetting that the endowment not paying out would have likely come to the OPs attention at least 15 years ago. 

ukri

Other than getting into a time machine and undoing your past actions, you should talk to a decent mortgage advisor to see what can be done to help keep your family home. I think you may have more options than you realise.

MWT

Linda_Dobson said:

Hi, I had an endowment mortgage that didn't pay out what we were advised and although we tried to put in a claim we got nothing back

We are now at the end of our fixed rate deal and our provider will not give us a new deal as there is only 14 months left on our original term
We cannot afford to pay off the mortgage and are fit, able and still in full time employment and so would like to extend our term and start to pay off the capital over the next say 5-10 years.
As we are all living longer why are we penalised because of our age
I feel like we are being forced to give up our home that has been in the family for over 300 years
Is there anything we can do
Are there any providers who are willing to help us - or would consider us
We are 64 years of age
Any advice appreciated as I don't know where to turn

Hard as it is, need to take the emotion out of this.

Lenders need to lend to make money so they are not seeking to penalise anyone just because of age, but they do need to be able to see how you will repay the loan no matter how old you are.

It would help people here to make more useful suggestions if you would put a few number on this.

The endowment policy may not have covered the entire loan but it should have greatly reduced it as long as you did apply the proceeds of the endowment to the mortgage, so how much is left to pay off and how much would you say the house is worth?

At 64 you have a range of 'retirement' products available to you as well as 'normal' products so this should be possible to fix in some manner, just need more detail to be more helpful...

... or just find a good mortgage broker and tell them everything and see what they suggest...

Thrugelmir

Linda_Dobson said:

We are now at the end of our fixed rate deal and our provider will not give us a new deal as there is only 14 months left on our original term

Minimum term for a new fixed rate product is normally 2 years. Hence the lack of options.  The alternative is drop onto your lenders SVR or select a non fixed product if options are available. 

You've still 14 months to reduce the mortgage debt owed. With no endowment premium payable there's some cash to put towards your objective. Has your bank actually said an outright no to an extension. As there's no reason why a determined effort to reduce the amount you need to refinance might swing matters in your favour in 8/9 months time.