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Interest Only Mortgage Ending, on benefits
Looking for some help with this please, my friend has a terrible mortgage (used to be Northern Rock not sure who took it over) She's never tried to change it as she is disabled and her only income is PIP and UC.
It has been interest only and the term ends when she's 60 (coming up)
Would any lender take it over? She can afford the payments from her benefits, At the moment she pays £130 pm and DWP pay 70ish
The rate must be high as she owes 38k in total and the house is worth 85K
Are there lenders who will look at this sympathetically, knowing the capital will be repaid "after her day" ?
Or would she be better looking at some sort of Equity Release? Or any other suggestions very welcpme. tia
Comments
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What ever the interest rate is the outstanding amount will not have changed from day one of the mortgage as none of the payments have included any capital repayments. £130 pm would suggest it is around 4.1%
ER might be an option and if it is she would have a lot more disposable income to spend on other things.
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Thank you, much appreciated
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