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My interest only mortgage finishes in 2018. I have no savings and I'm 60 this year. Is it too late to do anything about it?

Posted on 11 May 2013 by Barry


My interest only mortgage is finished in 2018. Due my business folding any cash was paid out on this I have no savings left. I am 60 this year is it to late to do anything about. Thank you for your time.

Barry,

There are a number of options that you could look at subject to what you can afford to pay each month and when you plan to retire.

One possibilty is to extend the term of the mortgage and transfer it onto a  repayment basis, however that may prove to be too costly. Another alternative would be to put part of the loan on repayment with the balance still on interest only. You could then look to make overpayments on the interest only element as and when you are able to.

I would suggest it's worth discusing your options with one of our consultants as soon as possible, to see what can be done. if you'd like to do so, then please let me know and I'll arrange for one of them to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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