Can I switch from Interest Only to a repayment mortgage at 54?
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.
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