Help - End of term

cjane
cjane Posts: 17 Forumite
First Post First Anniversary Combo Breaker
in Mortgages & endowments
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+

Comments

  • ACG
    ACG Posts: 23,714 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    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
    cjane Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    Sorry but I've looked into this and it's something that I would not want to do.
  • BoGoF
    BoGoF Posts: 7,103 Forumite
    Name Dropper First Anniversary First Post
    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
    ACG Posts: 23,714 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    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
    cjane Posts: 17 Forumite
    First Post First Anniversary Combo Breaker
    I have an appointment with Pension Wise to go through things with them. Thank you for your comments
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    https://forums.moneysavingexpert.com/showthread.php?t=5628159

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