Interest Only to Buy to Let??

gsw55

Perhaps I am missing something from your original post. Is your mortgage term coming to an end. Why can’t you take out another mortgage product from your current or another provider. It may not be interest only but it would secure the property until it’s sold.

MWT

Age shouldn't be a problem but perhaps there is not sufficient guaranteed income in retirement to support a repayment mortgage, or perhaps even a RIO...?

dimbo61

Good luck getting  a council property with the current  housing crisis.
My 88 year old Dad  now pays £909 per month for his one bed over 55,s sheltered flat.

Mustbeananswer??

Thanks for all your replies.It spurred me to ring Santander and discuss things with them regarding a solution.The inference was (and it was only am inference) that I should soldier on until November.Probably because of my excellent Credit Rating and the Fact I havent missed a payment for 14 years the suggestion would be that Santander would likely extend the Mortgage for another 5 years (Interest Only still...but at a new increased rate)providing I keep the house on the market(not a problem to me).For the life of me I cannot see why the house is not provoking much interest...its two terraced houses knocked into one(the conversion was done before I bought it) that has been lovingly bought back to life by myself over the years.A single terraced house five doors from me recently sold for 120k.Anyway its my problem..I appreciate all your comments so far..and any others that are subsequently made.

mi-key

I definitely wouldn't rely on the council housing you sadly. They wouldn't while you own a BTL as they would rightly point out you could live there. If you sell the house and have the equity from paying off the mortgage, they won't consider you a priority as you have plenty of money to rent privately. Council housing is in such short supply these days that it really is for people in desperate need, and anyone who makes themself 'intentionally homeless' won't get it. 

Staying put and extending the mortgage until you sell is probably the best option, even if it takes a year, or look at the figures for changing from interest only to a repayment mortgage

Mustbeananswer??

dimbo61 said:

Good luck getting  a council property with the current  housing crisis.
My 88 year old Dad  now pays £909 per month for his one bed over 55,s sheltered flat.

Is it in Kensington or Chelsea ???