Mortgage problem

MFWannabe

I think you need to sit down with a good mortgage broker and discuss your options 
Could you pay 20k of cash of your savings off your mortgage and then get the longest possible repayment mortgage term you can get? This would bring the payments in line with what your are currently paying if you currently have 5 years left and you’d be paying mortgage off 
Other option is to downsize 
I certainly think you have options though; you need to sort it out now though 

ElwoodBlues

You're not in a bad position really - it's not uncommon to still owe 150k on a family home mortgage at age 52. Sure, you won't be able to retire at 55, but there's still time to turn things around and get it paid off over the next 15-17 years. If there's two of you and your kids are old enough to let you both work full time, then assuming your credit history is clean you shouldn't have a problem getting a repayment mortgage now. Especially if you use some/most of your savings to reduce the balance.

And look on the bright side - you've enjoyed low interest rates for most of your interest only mortgage, and your asset has nearly tripled in value. 

Marty149

We’re not huge earners finding it very difficult financially at the present like many I know , not really sleeping can’t but thinking that I’ve so messed up not paying anything off my house last 20 years !!  We need to do something letting go of family home , just don’t know !.

MattMattMattUK

Marty149 said:

We’re not huge earners finding it very difficult financially at the present like many I know , not really sleeping can’t but thinking that I’ve so messed up not paying anything off my house last 20 years !! 

You probably did make a mistake, but that is not really relevant, you are where you are and that is the situation you have to deal with, hindsight or what ifs will not help where you currently are. I understand that it can be only natural to kick oneself for making mistakes, but that will not improve things, so use that energy positively to be proactive now. 

Marty149 said:

We need to do something letting go of family home , just don’t know !.

You need to live somewhere that you can afford, that might mean downsizing, that might mean a longer mortgage on repayments, that may mean cutting back significantly on other expenditure, it might mean all of those things. It might be worth you posting an SOA so that people on here can help you work out what you can throw at things, it would also be worth you speaking to a broker and finding out what the maximum you can borrow on a repayment basis is, so you can work out whether you can afford to keep the current property or if you need to downsize. 

amnblog

Living in a £400,000 house at an interest cost of £884 per month sounds pretty good to be (although I appreciate it is probably 3 times what you were paying). The fixed rate takes the payment down to £762. What is the barrier to using that?

Pay off £20,000 of the mortgage and your payments are down another £100 pcm.

Then you have £127,000 left to clear the balance and at least 15 years before retirement to do it.

Even if you arrive at age 67 with a balance somewhere closer to £100,0000 than £50,000, there should be options to keep you in the property (assuming the market does not alter rapidly).

MFWannabe

Marty149 said:

We’re not huge earners finding it very difficult financially at the present like many I know , not really sleeping can’t but thinking that I’ve so messed up not paying anything off my house last 20 years !!  We need to do something letting go of family home , just don’t know !.

Have you sat down and discussed with a mortgage broker? 

There’s no point keep going over and over what you haven’t done, you need to take action and now while you have time to sort this out and have options