Call us on 0344 346 3672
or arrange a callback

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.

Steve,

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.

Regards,

Simon

simon.collins@johncharcol.co.uk

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.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.