Over 60s Mortgages

mikeb222

In 2 years time my interest only mortagage comes to an end and I don't have a way of paying it off.
So I need to remortgage sometime before then.
I owe the mortgage company £114,000 and my house value is £190,000
What are my options?
I am 63 and have a public pension of £1200 a month and my wife still works and earns £1000 per month. She is 61. I receive my old age pension at 66 and she at 67.

dunstonh

What are my options?

1 - Sell
2 - seek funds from parents/family
3 - Equity release
4 - Remortgage

You may be able to remortgage for a bit longer but they would expect the conversion to repayment and that is probably going to be difficult with your income.   So, whilst it is an option, it probably isnt a viable one.  I suspect you are likely heading towards equity release.

dimbo61

Some lenders will offer mortgages to customers upto 80.
Can you afford to overpay just a little each month.
You and your wife should now consider renting an over 50,s apartment if your unable to remortgage to a new lender 
Do some research and maybe view a few local housing/Council over 50,s developments.
This could give you the chance to enjoy your retirement will a reasonable standard of living and live stress free in supported  living and £80,000 in the bank 

MWT

mikeb222 said:
I owe the mortgage company £114,000 and my house value is £190,000
What are my options?
I am 63 and have a public pension of £1200 a month and my wife still works and earns £1000 per month. She is 61. I receive my old age pension at 66 and she at 67.

Equity release with the youngest life at 63 is probably going to get you around £55,000 or so, do you have any other way to clear the rest of the current mortgage?

If not then you are looking at selling your current property and using the residual funds to purchase a new property using equity release on the new purchase to boost your buying power.

It would have the effect of giving you around 30% of the value of the new purchase to add to whatever cash you have left over after selling up and clearing the current mortgage.

Sorry there isn't anything more hopeful to suggest, but from what you have said so far, you just don't have the income at the moment to do anything else and your state pensions will not start in time to be much help...