Posted on 19 February 2013 by Steve
Hi I want to take out a repayment mortgage for £30,000 as my interest only mortgage started in 1991, is up in may 2016 but had no endowment at all in place to repay the capital. Am I too old at 54 to take out a repayment mortgage so they dont take my home, and what time period can I take it out over. I earn £16,000 per annum. I think my problem may be unique as I don't want to pay over £200 per month.
Based on what you've told me here, I think it should be possible to get you a repayment mortgage to sort out your problem of not having a repayment vehicle for your current interest only loan.
We would probably need to go for a term of around 20 years to try and keep the monthly payment within the budget you've mentioned, but there are a few alternatives that we could also look at.
If you'd like to get a better idea of what we can do to help you, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.
More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.