Interest Only Mortgage Finishing

Posted on 11 May 2016 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.

Hi 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.

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.


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