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Mortgage ends in four years - any ideas?
Pots'o'dosh
Posts: 49 Forumite
In four years time husband will be retiring and our mortgage of £92000 will be due. We do not have ANY spare cash as such and so will continue with our interest only mortage until then. With endowment, shares, and an ISA we may be able to repay about half the amount. Apart from the obvious downsizing what other options might there be.
We were thinking of paying off as much as we can when the time comes and selling the house to our daughter for the remainder of the mortgage due. i.e. if we pay £50000 off the capital can we then sell the house to her for the balance of £42,000.
Any ideas
We were thinking of paying off as much as we can when the time comes and selling the house to our daughter for the remainder of the mortgage due. i.e. if we pay £50000 off the capital can we then sell the house to her for the balance of £42,000.
Any ideas
0
Comments
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You could consider continueing the mortgage post retirement, depending on your income. Equity release may be an option.
Selling to your daughter needs to be investigated carefully, does she live with you? Has she spare income? What happens when she wants a place of her own?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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