End of term mortgage

Bonham123

My late husband took out a mortgage in 2004, sadly he passed away 2010. No life insurance.  Interest only mortgage.  I rented out our property because I couldn't face living there as he passed in the house.

Mortgage switched to a buy to let.(interest only)

2 years ago we moved back in and was put on a interest only fixed 1.49% for 2 years.

This finishes January 2024 then it will be variable rate, then 10 months later mortgage ends.

Not paid off.

I've contacted lloyds to ask for remortgage, extension, the answer is no.

Due to ill health and I'm on benefits my income is low.

I've never missed a payment. 

I'm 57

I would like to stay in the property until I die.

Advice please. 

Caz3121

how much is the outstanding mortgage?
you mention "we moved back in", do you have family living with you?

K_S

@bonham123 Based on the limited info in your post, it might be that the options to be available to you (if any) are limited to later-life lending options like equity release, retirement interest only, etc.

Standard remortgage - If you're lucky then the outstanding mortgage might be small enough that your pension and benefits income might cover it on a standard mortgage with a lender that will go to 80 or beyond on term. Just because Lloyds won't let you remortgage or extend your term doesn't necessarily mean that there aren't other lenders that will treat it differently. Alternatively, is there someone living with you whose income could contribute to affordability?

Later life lending options - You're over 55 so are eligible age-wise with many lenders. What options may be available to you will depend on how much equity you have in the house, the value of the property, LTV, your income (don't stress too much about this part as it won't matter as much as it would for a normal mortgage).

I would recommend speaking to a retirement mortgage advice firm sooner rather than later. Try to use one that doesn't charge for advice upfront.  Stepchange might be a good starting point as it's the advice arm of a debt-advice charity
https://www.stepchange.org/how-we-help/mortgages.aspx

Good luck, I hope you're able to keep your home!

Bonham123 said:

My late husband took out a mortgage in 2004, sadly he passed away 2010. No life insurance.  Interest only mortgage.  I rented out our property because I couldn't face living there as he passed in the house.

Mortgage switched to a buy to let.(interest only)

2 years ago we moved back in and was put on a interest only fixed 1.49% for 2 years.

This finishes January 2024 then it will be variable rate, then 10 months later mortgage ends.

Not paid off.

I've contacted lloyds to ask for remortgage, extension, the answer is no.

Due to ill health and I'm on benefits my income is low.

I've never missed a payment. 

I'm 57

I would like to stay in the property until I die.

Advice please. 

Bonham123

I owe 322k
House value 500k
I have my 80 year old dad
21 Yr son
17 Yr daughter living with me 

MWT

Bonham123 said:

I owe 322k
House value 500k
I have my 80 year old dad
21 Yr son
17 Yr daughter living with me 

Talk to StepChange as K_S suggested, sooner the better, as this is not a situation with any obvious easy answers.