Mortgage ends in four years - any ideas?

Pots'o'dosh

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

silvercar

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?