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My mortgage term ends in August and I still have £67,000 left! Help! What can I do?

Posted on 9 January 2013 by Jane


I have an interest only loan coming to an end in August'13, amount of £67,000 on house value of £475,000. I receive income support and they have been over paying every month my loan. I am 69 and a widow. What are the likely proposals the Woolwich might make. I have the house on the market but its very difficult to sell. I am sick with worry.

Jane,

You are not alone in the situation that you are facing, however there are a number of options that we can look at to take the worry and uncertainty away.

It may well be that Woolwich won't offer any new product or lengthy extension to the mortgage, however they certainly won't be looking to try and take possession of your home from the 1st September either. As you've highlighted this issue now in good time, I would certainly say it's worth contacting the lender to see what, if anything they can look to offer you.

There are also lenders in the market who still manually underwrite applications and can therefore look at cases such as yours on its individual merits. As John Charcol is an Independent, Whole of Market broker, we have excellent relationships with lenders who should be ale to help you.

I do think its worth having an initial discussion to look at some of the options we may have for you. If you would like to speak to one of our consultants, 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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