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Interest Free mortgage problem
Rovers123456
Posts: 4 Newbie
My interest free mortgage is finishing soon after 20 years . My payment has increased already by £200 a month . Has any one any advice what’s best to do ?
0
Comments
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I assume you mean interest only?
A bit more information is needed.2 -
What was your plan to repay the mortgage?The lender will have been sending statements and letters informing you for some time.Can you sell/remortgage to repayment?
you need to supply more info.1 -
A lot of information is needed...
How much is the mortgage balance,
How much is your home valued at,
How old are you,
How much is your income.
What do you want to happen?
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Interest only yes …
mortgage balance is £95k
house value £115
age 52
income £45k …
affordability around £600
Find myself with no plan to repay
also have to remove my ex partners name from the mortgage in order to move forward or can I sell without doing this ? She has no interest in any equity and moved on years ago thanks0 -
Also is it best to go with fixed or variable tracker mortgages in my situation thanks0
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If it's jointly owned then you'll need her involvement (or a court's in her absence). Was nothing agreed with her at the time of your separation?Rovers123456 said:also have to remove my ex partners name from the mortgage in order to move forward or can I sell without doing this ? She has no interest in any equity and moved on years ago thanks0 -
No it’s over 10 years and no agreement made thanks0
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You should be able to afford to put it on repayment.
But I would probably sort out getting the ex off the mortgage/deeds before doing anything.
You have (assuming you want to retire at 67) 15 years to pay down the mortgage. You can do it, but the longer you leave it, the harder it becomes.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Only on the mortgage or also on the deeds..?Rovers123456 said:...also have to remove my ex partners name from the mortgage in order to move forward or can I sell without doing this ? She has no interest in any equity and moved on years ago thanks
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