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  • FIRST POST
    • cjane
    • By cjane 15th Apr 19, 11:39 AM
    • 15Posts
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    cjane
    Help - End of term
    • #1
    • 15th Apr 19, 11:39 AM
    Help - End of term 15th Apr 19 at 11:39 AM
    HELP NEEDED - The term of my mortgage has ended and was linked to an endownment which because of the bad payout I used to pay off a second mortgage and loan I had for an extension to my house. I have just over 35K left to pay off.
    I am 58 and currently unemployed and don't know what to do. I have a pension with a previous employer which I have had a early forecast which could pay off the mortgage but I don't know how this would 1) affect JSA and 2) whether I would be able to get the whole amount to pay off the mortgage.
    Really I need some financial Mortgage/Pension advice but because of my situation I can't afford to pay for any. Anyone know what I could do apart from sell my house which is probably worth approx 160k+
Page 1
    • ACG
    • By ACG 15th Apr 19, 11:49 AM
    • 18,716 Posts
    • 10,326 Thanks
    ACG
    • #2
    • 15th Apr 19, 11:49 AM
    • #2
    • 15th Apr 19, 11:49 AM
    Equity release may be an option?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • cjane
    • By cjane 16th Apr 19, 9:55 AM
    • 15 Posts
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    cjane
    • #3
    • 16th Apr 19, 9:55 AM
    • #3
    • 16th Apr 19, 9:55 AM
    Sorry but I've looked into this and it's something that I would not want to do.
    • BoGoF
    • By BoGoF 16th Apr 19, 10:06 AM
    • 4,219 Posts
    • 3,743 Thanks
    BoGoF
    • #4
    • 16th Apr 19, 10:06 AM
    • #4
    • 16th Apr 19, 10:06 AM
    You may not have a choice if you want to keep the house.

    If you are considering accessing your pension then ask DWP what the implications are. If you have had a forecast surely you know if it's enough to clear the mortgage.
    • ACG
    • By ACG 16th Apr 19, 12:00 PM
    • 18,716 Posts
    • 10,326 Thanks
    ACG
    • #5
    • 16th Apr 19, 12:00 PM
    • #5
    • 16th Apr 19, 12:00 PM
    Your options are going to be:
    1) Dipping your pension.
    2) Trying to pass affordability on benefits/pension.
    3) Equity release.
    4) Selling up.

    With such limited information it is impossible to say which of those are real options bar selling up. You need to sit down and get advice geared to you rather than generic.

    In terms of benefits, chances are if you have no/limited savings then it is unlikely they will be affected, but you could speak to the DWP to see what they say or check on the gov website.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • cjane
    • By cjane 17th Apr 19, 8:30 AM
    • 15 Posts
    • 0 Thanks
    cjane
    • #6
    • 17th Apr 19, 8:30 AM
    • #6
    • 17th Apr 19, 8:30 AM
    I have an appointment with Pension Wise to go through things with them. Thank you for your comments
    • foxy-stoat
    • By foxy-stoat 17th Apr 19, 10:55 AM
    • 3,975 Posts
    • 2,310 Thanks
    foxy-stoat
    • #7
    • 17th Apr 19, 10:55 AM
    • #7
    • 17th Apr 19, 10:55 AM
    https://forums.moneysavingexpert.com/showthread.php?t=5628159

    What have you been doing since you realised this 2 years ago?
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