interest only mortgage problem

manager

I am a 62 year old married man with a £70,000 interest only mortgage with no endowment in place to pay this off when I cannot work any more will I be able to get equity release in say 5 years time to pay off this mortgage our house is worth £220,000 ?

please help

manager

Trying_to_be_good

Someone who knows a lot more than me will be along soon.

Equity release is more difficult the younger you are - 67 isn't very old in equity release terms.

Do you have any savings, or have you had some sort of investment vehicle during the time you've had the interest only mortgage? Do you make, or are you able to start making overpayments on the capital owed? I'm not being judgemental, as we all have circumstances that have changed since we originally had a plan, just trying to understand more about the situation so people can help.

poppy10_2

Equity release to pay off the mortgage?

Equity release will increase the size of your mortgage, honey. It's not free money, it's borrowed against the value of your house.